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Use the expanded accounting equation to compute the missing financial statement amounts.CompanyAssets.=Liability+Owner capital -Owner withdrawals+ Revenues- Expenses1. $64,000 $22,000 $32,000 $0 $? $14,0002. $102,800 $38,000 $56,000 $? $36,000 $24,000What is the revenues amount for company 1 and the owner withdrawals for company 2?

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Answer:

1. $24,000

2. $3,200

Explanation:

1. Company Assets = Liability + Owner capital - Owner withdrawals +  Revenues - Expenses

64,000 = 22,000 + 32,000 - 0 + revenues - 14,000

Revenue = 64,000 - 22,000 - 32,000 + 14,000

Revenue = $24,000

2. Company Assets = Liability + Owner capital - Owner withdrawals +  Revenues - Expenses

102,800 = 38,000 + 56,000 - withdrawals + 36,000 - 24,000

-Withdrawals = 102,800 - 38,000 - 56,000 - 36,000 + 24,000

-Withdrawals = -$3,200.

Withdrawals = $3,200

1. The revenue amount for company 1 is $24,000

2. The owner withdrawals for company 2 is $3,200

  • The calculation is as follows:

1. Company Assets = Liability + Owner capital - Owner withdrawals +  Revenues - Expenses  

64,000 = 22,000 + 32,000 - 0 + revenues - 14,000  

Revenue = 64,000 - 22,000 - 32,000 + 14,000  

Revenue = $24,000

2. Company Assets = Liability + Owner capital - Owner withdrawals +  Revenues - Expenses

102,800 = 38,000 + 56,000 - withdrawals + 36,000 - 24,000

-Withdrawals = 102,800 - 38,000 - 56,000 - 36,000 + 24,000

-Withdrawals = -$3,200.

Withdrawals = $3,200

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