solution and answer. ASAP please thank you Initial capital of the owner to the business is $80 000.00. At the end of the year, the total assets of the business amounted to $90 000.00, $40 000.00 of which is cash and $50 000.00 is total cost of equipment. By then, the only obligation of the business is the outstanding balance for the equipment amounting to $25 000.00. How much is the owner’s equity at year-end?
solution and answer. ASAP please thank you Initial capital of the owner to the business is $80 000.00. At the end of the year, the total assets of the business amounted to $90 000.00, $40 000.00 of which is cash and $50 000.00 is total cost of equipment. By then, the only obligation of the business is the outstanding balance for the equipment amounting to $25 000.00. How much is the owner’s equity at year-end?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
solution and answer. ASAP please thank you
Initial capital of the owner to the business is $80 000.00. At the end of the year, the total assets of the business amounted to $90 000.00, $40 000.00 of which is cash and $50 000.00 is total cost of equipment. By then, the only obligation of the business is the outstanding balance for the equipment amounting to $25 000.00. How much is the owner’s equity at year-end?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education