Question

1 poir
A business has the following items in
it:- Land $1,000,000- Machinery
$20,000- Cash $10,000-creditors $0-
Owner's equity ______? What is the
value of the owner's equity? *
O
$1,020,000
$1,010,000
O
$1,030,000
None of the above.​

Answer 1

Answer:

Answer is $1,030,000.

Assets = Liability + Equity.

$1,000,000+$20,000+$10,000 = $0+Eq.

Or, Equity = $1,030,000