Homework Answers
Owner's equity is used to explain the difference between a company's assets and liabilities. The formula for owner's equity is: Owner's Equity = Assets - Liabilities. Assets, liabilities, and subsequently the owner's equity can be derived from a balance sheet, which shows these items at a specific point in time.
On July 1 owners capital is:
Cash 10046
Account receivables. 8884
Supplies. 1958
Land. 24067
Less
Account payables. 5928
Answer is $ 39027
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