bmean
Sep 14, 2012, 05:04 PM
Please help someone. How do I find the equity with this information?
At the beginning of the year a sole trader had Assets of $40,000 and Owner’s Equity of $15,000. During the year, the business made a profit $2,000. Also, the owner invested $6,000 and withdrew $6,000 for personal use. During the year Assets increased by $14,000. What was the Owner's Equity at the end of the year?
At the beginning of the year a sole trader had Assets of $40,000 and Owner’s Equity of $15,000. During the year, the business made a profit $2,000. Also, the owner invested $6,000 and withdrew $6,000 for personal use. During the year Assets increased by $14,000. What was the Owner's Equity at the end of the year?