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  • Nov 15, 2007, 12:45 PM
    JFergie
    Total owner’s equity
    Gadsden Lawn and Mowing Service began operations on January 1, 2002. At the company’s inception, Bob Morgan contributed $100,000 of cash and equipment. During the year, Gadsden earned $200,000 of revenue, incurred $100,000 of expenses, and incurred no liabilities. Total owner’s equity at December 31, 2002, is

    a. $0
    b. $100,000
    c. $200,000
    d. $300,000
    e. $400,000
  • Nov 15, 2007, 04:09 PM
    ryuhosuke
    Quote:
    Originally Posted by JFergie
    Gadsden Lawn and Mowing Service began operations on January 1, 2002. At the company’s inception, Bob Morgan contributed $100,000 of cash and equipment. During the year, Gadsden earned $200,000 of revenue, incurred $100,000 of expenses, and incurred no liabilities. Total owner’s equity at December 31, 2002, is

    a. $0
    b. $100,000
    c. $200,000
    d. $300,000
    e. $400,000


    The answer is C

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