Ask Question
BusinessBusiness
2 May, 20:38

Oxes service shop started the year with total assets of $320,000 and total liabilities of $240,000. during the year, the business recorded $630,000 in revenues, $450,000 in expenses, and owner drawings of $60,000. ownerâs equity at the end of the year was

+5
Answers (1)
  1. 2 May, 20:51
    0
    Owner's equity=total assets+revenues-liabilities-owner drawing-expenses

    Owner's equity=

    320,000+630,000-240,000

    -60,000-450,000

    =200,000 ... answer
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Oxes service shop started the year with total assets of $320,000 and total liabilities of $240,000. during the year, the business recorded ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
How many of the following items are found on the balance sheet, rather than the income statement? • Accounts receivable • Retained earnings • Income tax expense • Accrued payable • cash • Selling and administrative expenses • Plant and equipment •
Answers (2)
The Stationery Company purchased merchandise on account from a supplier for $9,900, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $1,300 and received full credit. a.
Answers (2)
The histogram below shows the distribution of the annual hours of commuting delay per traveler for 46 small and medium urban areas (fewer than 1 million in population).
Answers (1)
The government places excise (per unit) taxes on a variety of goods consumers buy, including gasoline, perfumes, cigarettes, and alcoholic beverages. how would you describe the elasticity of goods most likely to be subject to excise taxes?
Answers (1)
Earth-rite organic foods inc. is an MNE based in sweden with subsidaries located in numerous countries around the world. Earth-rite has annual sales of $10 billion and employs more than 90, 000 individuals worldwide.
Answers (1)
New Questions in Business
Products sold on alibabas website to foreign countries may be subject to taxes or
Answers (1)
Match the assessment with the appropriate concept. Tiles Chapter 7 Chapter 13 Chapter 12 Chapter 15 Pairs designed for family farmers and fisherman to avoid liquidation and foreclosure arrowBoth designed for debtors who don't have regular income
Answers (1)
I or 2 sentences describe the labor market
Answers (1)
On faxed documents, it is often difficult to tell if a signature is authentic, both because clarity is a problem and also because signatures can be cut and pasted onto new documents from old documents.
Answers (1)
The ability of a business to pay obligations that are expected to become due within the next year or operating cycle is
Answers (1)
Home » Business » Oxes service shop started the year with total assets of $320,000 and total liabilities of $240,000. during the year, the business recorded $630,000 in revenues, $450,000 in expenses, and owner drawings of $60,000.
Sign Up Forgot Password?