Suppose Toni's T/Shirt shop has cash of $50000, AV $60000, and furniture and fixtures totalling $200000. The shop owes $90000 on account and has a $110000 notes payables. How much is the shop's owner's equity? a Ray Gomez, had a law business that began the year with total assets of $120000, total liabilities of $70000, and owner's equity of $50000. During the year the business earned revenue of $110000 and paid expenses of $30000. Ray also invested an additional \$ 20000 in the business and withdrew $80000 for living expenses. How much is the owner's equity in the business at year-end