Question
A company reported the following: Owners equity was $425,000 as of the balance sheet date on December 31, 2017. The following information includes all of
A company reported the following: Owner’s equity was $425,000 as of the balance sheet date on December 31, 2017. The following information includes all of the information recorded for the year ended December 31, 2018:
| Rental income........................................ | $415,000 |
| Management fee income........................ | $150,000 |
| Deferred revenue.................................... | $20,000 |
| Property operating expenses.................. | $423,000 |
| Notes payable......................................... | $1,200,000 |
What is the total equity of the company at December 31, 2018?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
11th Canadian edition Volume 2
1119048540, 978-1119048541
