Question

On January 1st, 2019 an entity's Balance Sheet showed total equity of 75,000 and liabilities of
25,000. Revenue during the period is 50,000 and expense during the period 340,000.
Owners' equity at the end:

Answer 1

Answer:

Owners Equity at the end = 91,000

Explanation:

Owners Equty (Closing Capital) = Opening Capital (Owners Equity in starting of business) + Revenue - Expenses

C.C. = 75,000 + 50,000 - 34,000

= 91,000