Ask Experts Questions for FREE Help !
Ask
    natilawson's Avatar
    natilawson Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Apr 18, 2010, 05:51 PM
    How to find owner's equity?
    1. Conaway invested $13,500 cash in the business.
    2. Conaway contributed $20,000 of photography equipment to the business.
    3. The company paid $2,100 cash for an insurance policy covering the next 24 months.
    4. The company received $5,700 cash for services provided during January.
    5. The company purchased $6,200 of office equipment on credit.
    6. The company provided $2,750 of services to customers on account.
    7. The company paid cash of $1,500 for monthly rent.
    8. The company paid $3,100 on the office equipment purchased in transaction #5 above.
    9. Paid $275 cash for January utilities.

    Based on the information, the balance in the Andrea Conaway, Capital account reported on the Statement of Owner's Equity at the end of the month would be:
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Apr 19, 2010, 11:39 AM

    Owners Equity = Assets minus Liabilities.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Owner's equity, owner's claims and balance sheet [ 2 Answers ]

I need help with the following questions. 1. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash, $20,500; Accounts Receivable, $7, 250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July...

Owner's equity [ 1 Answers ]

The entries that transfer the balances of the revenue, expenses and drawing accounts to the Owner's Capital account are best known as...

Owner's equity [ 2 Answers ]

Why is it important to keep paid-in capital separate from earned capital?

Owner's equity [ 1 Answers ]

I have to do t-accounts, trial balance,income statement, owner's equity and a balance sheet on an example the teacher gave us. I completed the t-accounts and the trial balance. They are correct, but, I am stubled on the income statement and the owner's equity. I don't know how to figure if it was a...

Owner's Equity [ 2 Answers ]

Im having a problem. I have an account set up as contributions, drawings, and personal use of home accounts. I have a retained earnings and current earnings and total equity account. My question.I made some errors and have corrected them. I put entries in the retained earnings that shouldn't have...

View more questions Search