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Can please help me with this accounting problem. I would really appreciate an answer ASAP. Thank you for your time.?
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.
2 Answers
- ?Lv 77 years ago
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
