Given the solution and accounting question Suppose Blake Company has receivables of $92,000, equipment totaling$275,000, and cash of $48,000. The business has a $125,000 note payable andowes $74,000 on the account. How much is Blake's owner equity?a. $43,000b. $167,000c. $216,000d. $341,000

Step 1: Definition of Owner's EquityOwner's Equity represents the owner's share in the business…

Answered: Suppose Blake Company has receivables…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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Suppose Blake Company has receivables of $92,000, equipment totaling $275,000, and cash of $48,000. The business has a $125,000 note payable and owes $74,000 on the account. How much is Blake's owner equity? a. $43,000 b. $167,000 c. $216,000 d. $341,000