Here is the start of the question: ____ – ____ = Equity. The first two blanks must be filled in with 6 choices and they are; assets, expenses, liabilities,owner contributions, owner withdrawals, and revenue. I thought they were owners contributions minus the owners withdrawals to = Equity? However, I am not certain. The rest of the question says to begin by working through owner’s equity. Rework the accounting equation and then solve for owner’s equity at the beginning and end of the period.
It is formatted like this: Beginning… ____ – ____ = ____ (equity)
Ending… ____ – ____ = ____ (equity)
Here is the data: Beginning: Assets are $73,000 Liabilities $55,000, Ending Assets are $66,000, Liabilities, $49,000.
Equity: Owner contributions $9,000, Owner withdrawals $3,000, Revenues $245,000 and Expenses say ?