Question

The assets and liabilities of the company are $128,000 and $84,000, respectively. Owner’s equity should equal

Answer 1

Based on the assets and liabilities of the company, the owner's equity is $44,000

What is the owner's equity?

This can be found by the accounting formula which is:

Assets = Liabilities + Equity

When solving for equity this becomes:

Equity = Assets - Liabilities

Solving gives:

= 128,000 - 84,000

= $44,000

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