Can please help me with this accounting problem. I would really appreciate an answer ASAP. Thank you for your time.?

Question

Beginning 
Asset = unknown
Liabilities = $2,120,000

Ending
Asset = $270,000
Liabilities = $136,000

Other Transaction:
Investment 55,000
Withdrawal 39,000
Revenue $115,000
Expense $128,000

Can you tell me how do I arrive at the beginning Asset. Thanks again.

? · Answer

Assets - Liabilities = Equity
270,000 - 136,000 = 134,000 ending equity
Beg. Equity + Rev. + Inv. - With. - Exp = End. Equity
Beg. Equity + 115,000 + 55,000 - 39,000 - 128,000 = 134,000
Beg. Equity = 131,000
Liabilities + Equity = Assets
2,120,000 + 131,000 = 2,251,000 Beg. Assets

marz_miller · Answer

Seems like you should be posting this under the Math/Education section...

Can please help me with this accounting problem. I would really appreciate an answer ASAP. Thank you for your time.?

Related Questions

Trending Questions