help with accounting homework!?

Question

how do you figure out the owner's equity and the liabilities if your assets are $390, revenues $80, and expenses are $100. help!

woops i mean assets = $380 not 390

Answer 1

Owner's equity is revenue minus expenses, i.e. 80 - 100 = loss of 20.
Assets = 380
A = L + E
380 = L + (-20), or 380 = L -20
so Liabilities = $400
and Owner's Equity is a loss of $20 or -$20.

Answer 2

This is really simple if you know the basic formulas

assets = liabilities + owner's equity

owner's equity = beginning capital + net income - withdrawals

Net Income = revenues - expenses


Assuming you gave all the data:

Let's substitute:
Net Income = revenues - expenses
Net income = $80 - $100 = ($20)


assets = liabilities + owner's equity
$380 = liabilities - $20
Liabilities = $380 + $20 = $400

Answer 3

Assets = Liabilities + Owner's Equity
Assets = liabilities + (Revenue-Expenses)
300 = Liabilities + (80-100)
300 = Liabilities -20
300 + 20 = Liabilities
Liabilities = 320

Answer 4

If the assets are 380.. then the capital must be 380. because no liabilities are given.

Revenue of 80. would add to cash and to capital giving:
assets 460. = liabilities 0 + capital 460.

Expenses of 100. would be deducted from cash and capital leaving us with:
assets 360. = liabilities 0 + capital 360. ANSWER

NOTE:
f they had broke even, (rev. 100. - exp. 100 = 0), the assets would have been 380. and the liabilities + capital would have been 380.

With a net loss of 20. (80. rev. - 100. exp.), the assets and the capital were reduced by 20.