Quick answer of this accounting Jessica started her consulting business on January 1 with aninvestment of $100,000. During the year, the business earned$160,000 in revenues and incurred $92,000 in expenses. Jessicawithdrew $30,000 for personal use during the year. What is theowner's equity at the end of the year?a) $108,000b) $138,000c) $70,000d) $100,000

Step 1: Definition of Owner's EquityOwner's Equity is the owner's claim on the business after all…

Answered: Jessica started her consulting business…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 55P

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