Question

In: Accounting

1st year Assets 115,028 Liabilities 59,924 2nd year Assets 132,081 Liabilities 42,128 Owner Investment ? Net...

1st year Assets 115,028

Liabilities 59,924

2nd year Assets 132,081

Liabilities 42,128

Owner Investment ?

Net Income 15,536

Owner Cash Withdrawl 4690

What is the owner's investment for year 2nd?

Please show complete calculation.

Expert Solution

1st year Assets = 115,028

1st year Liabilities = 59,924

1st year owner's equity = 1st year Assets - 1st year Liabilities

= 115,028 - 59,924

= 55,104

2nd year assets = 132,081

2nd year Liabilities = 42,128

2nd year owner's equity = 2nd year assets - 2nd year Liabilities

= 132,081 - 42,128

= 89,953

2nd year owner's equity = 1st year owner's equity + Owner investment + Net income - Owner Cash Withdrawl

89,953 = 55,104 + Owner investment + 15,536 - 4,690

Owner investment = 24,003

ekkarill92 answered 2 years ago

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