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-To better understand if it was possible to consider opening more...

-To better understand if it was possible to consider opening more locations, Robert wanted to know how much equity he had in his business and used the following totals to help in his calculations:


Beginning capital = $35,000

Drawings = $4,000

Net income = $18,000

Investment by owner = $9,000



__________ was the ending owner's equity that Robert calculated.



-Statement of Changes

in Owner's EquityBeginning Balance?Net Income$22,000Drawings$1,500Ending Balance$76,500

What is the total beginning balance in the statement of changes in owner's equity that Tyler drafted for his shoe store, shown here?





-The accounting __________ is a fundamental premise in accounting which states that a company's assets will be equal to the sum of its __________.

  • a.)
  • equation; liabilities and equity 
  • b.)
  • equation; net income and equity
  • c.)
  • statement; liabilities and equity
  • d.)
  • statement; net income and equity


-Patrick recorded $85,000 in assets and $62,000 in equity on a balance sheet.


What is the total of Patrick's liabilities?



-Consider the following information:


Cash: $10,000

Accounts Payable: $3,000

Accounts Receivable: $2,000

Office Supplies: $1,000

Furniture: $15,000

Notes Payable: $10,000

Equity: $5000


From the above set of data, what is the total for assets, liabilities, and equity?

  • a.)
  • Total Assets: $48,000
  • Total Liabilities: $43,000
  • Total Equity: $5,000
  • b.)
  • Total Assets: $36,000
  • Total Liabilities: $21,000
  • Total Equity: $15,000
  • c.)
  • Total Assets: $31,000
  • Total Liabilities: $15,000
  • Total Equity: $16,000
  • d.)
  • Total Assets: $28,000
  • Total Liabilities: $13,000
  • Total Equity: $5,000

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