Requirement 1. Compute the missing amount for Leahy Company. You will need to work through owners equity.

Begin by working through owners equity. Rework the accounting equation and then solve for owner's equity ("equity") at the beginning and end of the period.

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	Assets	-	Liabilities	=	Equity
Beginning	68000	-	55000	=	13000
Ending	83000	-	32000	=

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.)

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Capital, Beg.	+	Contributions	-	Withdrawals	+	Revenues	-	Expenses	=	Capital, Ending
	+	9000	-	15000	+		-		=

Requirement 2. Did Leahy earn a net income or suffer a net loss for the year? Compute the amount.

Identify the formula and then solve for Leahy's net income or loss for the period. (Use parentheses or a minus sign for a netloss.)

			=	Net income (loss)
	-		=

Beginning :

Assets $68,000

Liabilities $55,000

Ending

Assets $83,000

Liabilities $32,000

Equity

Owner Contirbution $9,000

Owner withdrawals $15,000

Revenues $159,000

Expenses ???

I answered part of the question but please let me know if I made any mistakes. I need this question answered ASAP.

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