Question

Assets, Beginning of Period 12,000

Liabilities, Beginning of Period 5,000

Assets, End of Period 23,000

Liabilities, End of Period 9,000

Investment by Owner 10,000

Revenues 99,000

Withdrawals by Owner 0

Solve for the expenses incurred during the period.

Answer 1

Assets and revenues are income (+) gains.

Liabilities, withdrawals and investment are outgone (-) losses.

12,000-5,000=7,000

(7,000+23,000)-9,000=21,000

21,000-10,000=11,000

11,000+99,000=110,000

Total $110,000 Gained