Accounting Quiz 2, Please help.!?
Thanks
Answer:
A= L + OE
A= L + OE(Capital-Withdraws+Revenue-E.
18,910=L (8,362) + OE OE=Capital-withdraws+Revenues-.
A(18,910)= L(8,362)+OE
Income Statement
Rev.-Expenses(y)= Net Income
x-11,414= 22,736
x=34,150
Revenue=34,150
A= L + OE(Capital-Withdraws+Revenue-E.
18,910=L (8,362) + OE(x(capital)-withdraws(y)+34,.
18,910= 8,362+0-y+22,736
18,910=31,098-y
y=12,188
Owner Withdraws= 12,188
$7588.00 assuming that the liabilities were A/R or Payroll liabilities. Also, Owner draws are technically an expense so the question becomes whether or not his draws are included in that expense figure. That is unless it's a corp and they're classified as a current liability under Shareholder Draws.
6878
ok solve the equation-
net profit - [assets - liabilities] = drawings
i think its right.im only an accounting newby!
12188.00
A=L+OE
Who cares about expenses, we're talking about a balance sheet not an income statement. If Assets increased 8362, liabilities increased 18910, and net profit, aka OE, was 22736 then..
18910= 8362+22736 -X(Owner draw)
X=12188
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