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How do I find the owners equity, in the basic accounting equation?
Please help me...
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Assets minus liabilities equals owners' equity
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so it's not liabilities-assets=owners' equity?
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Assets minus Liabilities equals Owners Equity
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Total assets or current assets?
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**** up man. That's wrong
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Total Assets minus Total Liabilities equals Owners Equity.
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I cannot figure out how my teacher got this answer. Please help.
Asstes = Liabilites + Owners Capital - Owners Withdraw + revenues -expenses 71,288 2,260 ? 14,420 53,085 28,675 How do I find the Owners Capital? |
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 Originally Posted by beplmi
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You start with the basic accounting equation, which is:
Assets = Liabilities + Owners Equity This equation can be rearranged as follows: Assets - Liabilities + Owners Equity - Liabilities or; Assets - Liabilities = Owners Equity Therefore: Assets of $71,288 - Liabilities of $2,260 = Owners Equity of $69,028 The other information is not needed in this situation. If however you are trying to find starting Owners Equity and with the additional information provided you are trying to find the ending Owners Equity you would start with the Assets and Liabilities to get your beginning Owners Equity, then you would add revenues subtract expenses and subtract owners withdrawals(or dividends), which will equal ending Owners Equity. |
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Thanks! It was helpful
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