Equations
Net Income = Revenues – Operating Expenses
Revenues = Net Income + Operating Expenses
Operating Expenses = Revenues – Net Income
Capital, Dec 31 = Capital, Jan 1 + Net Income – Drawing
Capital, Jan 1 = Capital, Dec 31 – Net Income + Drawing
Drawing = Capital, Jan 1 + Net Income – Capital, Dec 31
Total Assets = Total Liabilities + Total Owner's Equity
Total Liabilities = Total Assets – Total Owner's Equity
Total Owner's Equity = Total Assets – Total Liabilities