Required:
1. Use the accounting equation to compute the missing financial statement amounts.
Company Assets = Liabilities + Equity
1 $88,000 = a-e + $46,500
2 I+e = $31,500 + $83,000
3 $111,000 = $33,000 + a-l
2. Use the expanded accounting equation to compute the missing financial statement amounts.
Company Assets = Liabilities + Owner, Capital - Owner, Withdrawals + Revenues - Expenses
1 $66,000 = $22,500 + $33,000 - $0 +
2 $104,700 = $38,500 + $57,000 - #######+ $37,000 - $24,500