Homework Answers
As per accounting equation
Assets – Liabilities = Owner’s equity
On December 31, 2017
Owner’s equity
= $900,000 - $250,000
= $650,000
On December 31, 2018
New Assets = Assets as on December 31, 2017 + Increase in assets during the year
= $900,000 + $230,000
= $ 1,130,000
New Liabilities = Liabilities as on December 31, 2017 - Decrease in liabilities during the year
= $250,000 - $30,000
= $220,000
So, Owner’s Equity on December 31, 2018
= $ 1,130,000 - $220,000
= $910,000
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