Question
On May 1, 2013, Padilla Inc. reported owner's equity of $136,000.During the month, Padilla generated revenues of $20,000 and incurred expenses of $12,000, purchased equipment
On May 1, 2013, Padilla Inc. reported owner's equity of $136,000.During the month, Padilla generated revenues of $20,000 and incurred expenses of $12,000, purchased equipment worth $5,000, and withdrew cash of $2,000.What is the amount in owner's equity on May 31, 2013?
$136,000
$8,000
$137,000
$142,000
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Financial Accounting An Introduction to Concepts, Methods and Uses
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
14th edition
ISBN: 978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023
