S1-6 Using the accounting equation ompson Handyman Services has total assets for the year of $18,400 and total liabilities of $9,050. Requirements 1. Use the accounting equation to solve for equity 2. If next year assets increased by $4,300 and equity decreased by $3,850, what would be the amount of total liabilities for Thompson Handyman Services? S1-7 Using the accounting equation Roland's Overhead Doors reports the following financial information: Assets Liabilities Roland, Capital Roland, Withdrawals Revenues Expenses $ 45,800 17,220 27,460 6,500 8,850 Requirements 1. Use the accounting equation to solve for the missing informatiorn. report net income or net loss? S1-8 Identifying accounts Consider the following accounts: a. Accounts Payable b. Cash c. Owner, Capital d. Accounts Receivable e. Rent Expense Identify each account as Asset, Liability, or Equity f. Service Revenue g. Office Supplies h. Owner, Withdrawals i. Land j Salaries Expense