2 more questions... and my possible answer tell me if it is correct!!! please?

Question

if liabilities are 75,000 and owners equity is 35,000 the amount of assets is???

my answer:

110,000

If total assets increase by 30,000 and liabilities increase by 20,000. what is the change in owners equity?

my answer:

10,000 increase

the owners equity at the beginning of the period was 45,000. at the end assets were 140,000 and liabilities 71,00. if the owner made no additional ionvestement or withdrawal during the period, did the business incur a net income or net loss???

my answer:

net income of 24,000

please let me know if they are correct or not!!! and explain why

Answer 1

This is assuming you are closing the period so revenues and expenses are 0.  Mind you, some texts I have seen indicate that revenues and expenses can be lumped into owner's equity and not referenced separately.  So 75000 + 35000 = 110000 is correct.

The increase is also correct in this situation.

Assuming you actually meant 71000, not 7100.

140000 - 71000 = 69000 owner's equity at end of period.

69000 - 45000 = 24000 net profit in the period.

This looks good.  Way to go!

Answer 2

They are all correct.