How do I find out 2016 missing liabilities information with only the assets provided? Also, I have 2017 assets, liability and equity.?
Also provided are 2017 owner investments, ne income (loss) and owner cash withdrawals. Dec 2016
assets: $103,740
liabilities: ?
Dec 2017
Assets: $118.680
Liabilities: $93,757
Equity: $24,923
During 2017
Owner investments: 6, 500
Net Income (loss): 8,675
Owner Cash Withdrawals: 11,000
Answers
michael
Beginning equity = 24923-6500-8675+11000 = 20748 Accounting equation assets = liabilities +equity For 2016 103740 = liabilities +20748 liabilities = 82992
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