Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

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?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

9780073526706

Students also viewed these Accounting questions