Using the expanded accounting equation, calculate and enter the answers for each question.

Assets Liabilities

Beginning of Year: $27,000 $19,000

End of Year: $63,000 $25,000

1) What is the equity at the beginning of the year?

Beginning Equity_____

2) What is the equity at the end of the year?

Ending Equity______

3) If the owner contributes $7,000 and the owner withdraws $42,800, how much is net income (loss)?

Net Income (Loss)_____

4) If net income is $1,400 and owner withdrawals are $7,200, how much did the owner contribute (owner, capital)?

Owner, Capital______

5) If the owner contributes $18,400 and net income is $15,000, how much did the owner withdraw (owner, withdrawals)?

Owner, Withdrawals______

6) If the owner contributes $43,600 and the owner withdraws $4,300, how much is net income (loss)?

Net Income (Loss)_______