Fill in the Blanks
Ascertain the missing items (A, B,and C) in the following situation:
|
Assets, January 1 |
$10,000 |
|
Assets, December 31 |
$14,000 |
|
Liabilities, January 1 |
A |
|
Liabilities, December 31 |
$ 7,000 |
|
Owners’ equity, January 1 |
$ 8,000 |
|
Owners’ equity, December 31 |
B |
|
Owners’ contributions |
0 |
|
Owners’ withdrawals |
C |
|
Net income |
$ 2,000 |