At January 1, 2008, Burton Industriesreported owner's equity of $130,00o. During2008, Burton had a net loss of $30,000 andowner drawings of $20,000. At December31, 2008, the amount of owner's equity isO P130,000.O P140,000.O P100,000.O P80,000.

Owner's equity is the value that an owner of a business has left over after liabilities are…

Answered: At January 1, 2008, Burton Industries…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Details/Accounts IS Premises at cost 12,500,000 Fixtures and fittings at cost 4,000,000 Depreciation, January 1, 2013 buildings 4,000,000 Depreciation, January 1, 2013 fixtures and fittings 1,300,000 Inventory, January 1, 2013 625,000 Trade receivables 840,000 llCash at bank 60,000 $1 ordinary shares 625,000 Share premium 850,000 Retained earnings, January 1, 2013 3,400,000 Bank loan 5,000,000
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At January 1, 2008, Burton Industries reported owner's equity of $130,00o. During 2008, Burton had a net loss of $30,000 and owner drawings of $20,000. At December 31, 2008, the amount of owner's equity is * O P130,000. O P140,000. O P100,000. O P80,000.