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    monkeyface36's Avatar
    monkeyface36 Posts: 1, Reputation: 1
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    #1

    May 13, 2011, 04:37 PM
    Financial Statements
    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?
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    May 13, 2011, 05:16 PM

    Please read this first.

    Ask Me Help Desk - Announcements in Forum : Homework Help

    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.
    Miles Tiongison's Avatar
    Miles Tiongison Posts: 1, Reputation: 1
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    #3

    Oct 14, 2013, 05:31 PM
    50,000=40,000 + 10,000

    Equity is 10,000
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