Question

A partially completed summary of financial data is given below. The data pertain to the fundamental accounting equation for Dave Campos over the period of 2 years.
End Of 2011: Assets = _____, Liabilities = $27 400 and Equity = _____
End Of 2012: Assets = _____, Liabilities = _____ and Equity = $19 300
Fill in the blanks given that:
1. revenues for 2012 are $42 000
2. expenses for 2012 are $22 000
3. drawings for 2012 are $18 000
4. the assets decreased by $5000 from the end of 2011 to the end of 2012.

Answer 1

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