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    cswpooh's Avatar
    cswpooh Posts: 2, Reputation: 1
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    #1

    Sep 26, 2010, 09:21 AM
    Total owner's equity
    Gadsden lawn and mowing service began operations an 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
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Sep 26, 2010, 10:18 AM

    Your beginning owners' equity is $100,000 now you have to figure out net income because this amount will be added to net income. Net Income will be Revenues minus Expenses.

    Finally you will add your beginning Owners' Equity and Net Income to get your ending Owners' Equity.
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