At December 31,2013
Assets 58000
Liability ?
During year2013
Owner investment 6000
Net income loss 8500
Owner cash withdrawals 3500
What is amount of equity on dec 31 ,2013
Plz explain the answer
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I do no understand your questions
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Answer:
Equity = Asset + investment - loss - cash withdrawal
58,000 + 6,000 - 8,500 - 3,500
= 64,000 - 12,000
= 52,000
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