Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.

Assets Liabilities

Beginning of Year: $27,000 $18,000

End of Year: $60,000 $28,000

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

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

3) If the owner contributes $7,300 and the owner withdraws $44,000, how much is net income (loss)?