Hii tutor give me Answer John Inc. doubled its amount of assetsfrom the beginning to the end of theyear. Liabilities at the end of the yearamount to $370,000, and owner's equityis $55,000. What is the amount of John'sassets at the beginning of the year?

Concept of Accounting EquationThe accounting equation is the foundation of double-entry accounting,…

Answered: John Inc. doubled its amount of assets…

SWFT Comprehensive Volume 2019

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Chapter6: Deductions And Losses: In General

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Problem 56P

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XYZ Co. has current assets of OR 75000 and total assets of OR 210000. It has current liabilities of OR 45000 and total liabilities of OR 110000. If during the year he had drawings OR 7500, retained earnings OR 34000 & Net Profit for the year OR 12500. What will be the amount of XYZ's Opening Capital?
Compute for the gross income under accrual basis.
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The net income of Edwards Corporation amounted to $65,000 for this year. The beginning balance of owner's equity was $20,000 and the ending balance was $80,000. The company received $15,000 additional contributions during the year. What was the amount of the owner's withdrawals during the year?
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John Inc. doubled its amount of assets from the beginning to the end of the year. Liabilities at the end of the year amount to $370,000, and owner's equity is $55,000. What is the amount of John's assets at the beginning of the year?