Ask Experts Questions for FREE Help !
Ask
    lianne28's Avatar
    lianne28 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 26, 2011, 12:22 AM
    How to find the missing amounts in owner's equity?
    Please help me with this...
    Please answer...

    Lorna company
    jan.1,2009:
    Assets $ 150,000
    Liabilities 100,000
    Owner's equity ____________
    December 31,2009:
    Assets $ __________
    Liabilities 110,000
    Owner's equity 90,000

    Owner's equity changes in year:
    Additional investment __________
    Drawings 20,000
    Total revenue 700,000
    Total expenses 670,000


    Can u please tell me the answers? And how u solved it?, thank u
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #2

    Jun 26, 2011, 01:11 PM
    Nice copying homework. How we solved it? How about you TRYING, give us some of your work and maybe we can help. We don't do homework for you or you'll never learn.
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!

What is the difference between owner's capital account and owner's equity? [ 1 Answers ]

I saw this sentence in a book of accounting which put me in doubt that there is some difference between the two, the sentence is "The balance of the Owner's capital account in the ledger will now be the same as the amount of Owner's equity appearing in the balance sheet."

How to find owner's equity? [ 1 Answers ]

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...

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 [ 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...

View more questions Search