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Having trouble figuring out the expenses for this accounting formula! Please help me. Identify the formula to show the change in equity and then complete
Having trouble figuring out the expenses for this accounting formula! Please help me.
Identify the formula to show the change in equity and then complete the calculation to solve for the missing expenses for the period. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column. Abbreviations used: Contributions = Owner contribution; Withdrawals = Owner withdrawal; Capital, Beg. = Capital, Beginning.) Capital, Beg. Contributions Withdrawals Revenues Expenses Capital, Ending $ 4,000 12,000 $ 18,000 $ 245,000 44,000 + Data Table $ 12,000 18,000 $ 59,000 Beginning: Assets Liabilities Ending: Assets Owner contribution Owner withdrawal Revenues 55,000 245,000 Expenses ? $ 83,000 Liabilities 39,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
To solve for the missing expenses we will use the formula to calculate the change in equity Ow...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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