Jenkins Company starts the year with $50,000 in assets and $40,000 in liabilities. Net income for the year is $12,500, and no dividends are paid. How much is the owners’ equity at the end of the year?
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Jenkins Company starts the year with $50,000 in assets and $40,000 in liabilities. Net income for the year is $12,500, and no dividends are paid. How much is the owners’ equity at the end of the year?
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We won't do your homework for you, but we will help you understand it and check your work. Start with the basic formula:
Assets = Liabilities + Owners Equity
If you will show your work, we can let you know if it's right or help if you are having problems. Thanks.
50,000=40,000 + 10,000
Equity is 10,000
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