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Use the expanded accounting equation to compute the missing financial statement amounts
Use the expanded accounting equation to compute the missing financial statement amounts.
| Company | Assets. | = | Liability | + | Owner capital | - | Owner withdrawals | + | Revenues | - | Expenses |
| 1. | $64,000 | $22,000 | $32,000 | $0 | $? | $14,000 | |||||
| 2. | $102,800 | $38,000 | $56,000 | $? | $36,000 | $24,000 |
What is the revenues amount for company 1 and the owner withdrawals for company 2?
Expert Solution
Revenue for company 1 is computed as follows:
- Revenue = Assets - Liability - Owner capital + Expenses
- Revenue = $64,000 - $22,000 - $32,000 + $14,000
- Revenue = $24,000
Owner withdrawal for company 2 is computed as follows:
- Owner withdrawal = Liability + Owner capital + Revenue - Expenses - Assets
- Owner withdrawal = $38,000 + $56,000 + $36,000 - $24,000 - $102,800
- Owner withdrawal = $3,200
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