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11 December, 22:15

Vista camera services started the year with total assets of $ 130 comma 000 and total liabilities of $ 60 comma 000. the revenues and the expenses for the year amounted to $ 100 comma 000 and $ 60 comma 000 , respectively. during the year, the owner did not make any additional contributions, but made withdrawals of $ 40 comma 000. what is the amount of owner's equity at the end of the year?

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  1. 11 December, 23:41
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    Owners Equity at the beginning of the year = Total Assets-Total Liabilitites

    =130000-60000

    =$70000

    Ending Balance of Owners Equity

    Beginning Balance of Owners Equity ... 70000

    Add Revenue 100000

    Less Expenses ... 60000

    Less Drawings ... 40000

    Ending Balance ... 70000
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