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Ron's Overhead Doors reports the following financial information: Assets $47,600 Liabilities 17,220 Ron, Capital 25,500 Ron, Withdrawal 4,500 Revenues 9,560 Expenses ? Requirements 1. Use
Ron's Overhead Doors reports the following financial information:
Assets
$47,600
Liabilities
17,220
Ron, Capital
25,500
Ron, Withdrawal
4,500
Revenues
9,560
Expenses
?
Requirements
1. | Use the accounting equation to solve for the missing information. |
2. | Did Ron's Overhead Doors report net income or net loss for the year? |
Requirement 1. Use the accounting equation to solve for the missing information.
| = |
| + |
| - |
| + |
| - | Expenses |
| = |
| + |
| - |
| + |
| - |
|
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