At the beginning of the year, the owner’s capital of SLG Company is $300,000 while its liabilities at the end of the year are $180,000. During the year, the owner withdrew cash for his personal use amounting to $80,000 and the results of operations showed revenues of $900,000 and expenses amounted to $320,000. What is the amount of SLG Company’s total assets at the end of the year? a) $620,000 b) $120,000 c) $480,000 d) $980,000
At the beginning of the year, the owner’s capital of SLG Company is $300,000 while its liabilities at the end of the year are $180,000. During the year, the owner withdrew cash for his personal use amounting to $80,000 and the results of operations showed revenues of $900,000 and expenses amounted to $320,000. What is the amount of SLG Company’s total assets at the end of the year? a) $620,000 b) $120,000 c) $480,000 d) $980,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the year, the owner’s capital of SLG Company is $300,000 while its liabilities at the end of the year are $180,000. During the year, the owner withdrew cash for his personal use amounting to $80,000 and the results of operations showed revenues of $900,000 and expenses amounted to $320,000. What is the amount of SLG Company’s total assets at the end of the year?
a) $620,000
b) $120,000
c) $480,000
d) $980,000
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