2 Use the expanded accounting equation to compute the missin

2. Use the expanded accounting equation to compute the missing financial statement amounts. , Capital Withdrawals +Revenues AssetsLiabilitiesOwne Expenses S 46,000 7,500 23,000-$ 9,500 2 S85,70033,50047,000 $ 27,00011$ 19,500 Prev 1of 1 : Next

Solution

Total equity=Owner capital-Withdrawals+Revenue-Expenses

Total assets=Total liabilities+Total equity

Assets=	Liabilities+	Owner\'s capital-	Owner withdrawals+	Revenue-	Expenses
46000=	17500+	23000-	0+	$15000-	9500
85700=	33500+	47000-	$2300.+	27000-	19500