i acttpearsoncmg.com/activity/1/4/2 Accounting Cycle Tutorial 2 Step 1: Account Balances O O O O O 0 @ Balancing the Expanded Accounting Equation E Glossary , , . . . 9 HINT Act1v1ty 4.b USIng the Expanded Accounting Equation Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Liabilities Beginning ofVear: $27,000 $16,000 End of Year: $60,000 $28,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 11000 Ending Equity 32000 3) If the owner contributes $9,000 and the owner withdraws $43,200, how much is 4) If net income is $3,300 and owner withdrawals are $8,800, how much did net income (loss)? the owner contribute (owner, capital)? Net Income (Loss) Owner, Capital 5) If the owner contributes $16,900 and net income is $18,500, how much did the 6) If the owner contributes $44,200 and the owner withdraws $2,200, how owner withdraw (owner, withdrawals)? much is net income (loss)? Owner