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-   -   What is the equity at year end? (https://www.askmehelpdesk.com/showthread.php?t=544231)

  • Jan 14, 2011, 11:18 PM
    wmbenbow
    What is the equity at year end?
    Tot asset of 120000, liabilities 75000, owner equity of 45000. Business revenue 110000, paid expense of 36000, owner withdrew 63000. How much is the business equity @ year end
  • Jan 15, 2011, 02:18 PM
    pready

    Subtract expenses from revenues, which equas net income.
    Add net income to owners equity.
    Subtract owner withdrawals from owners equity.
    Subtract liabilities and owners equity from total assets.

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