Question
The initial investment of the owner in his business is 75,000. At the end of each year, the total assets of the business amounted to
The initial investment of the owner in his business is 75,000. At the end of each year, the total assets of the business amounted to 100,000, which consists of 50,000 cash and 50,000 equipment. The equipment has an unpaid balance of 20,000, the only liability of the business. How much is the owners equity at the end of the year?
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Financial Accounting A Critical Approach
Authors: John Friedlan
1st Edition
0130193720, 978-0130193728
