Homework Answers
Answer
- Owner’s Equity is Increased by Net Income, which is Revenues – Expenses.
- It is also increased by issue of stock.
- Borrowings do not affect Owner’s Equity. They are part of ‘LIABILITIES’
- Please check figures below:
|
Owner's Equity on June 1 |
$ 16,835 |
|
Revenue earned |
$ 14,385 |
|
Incurred expenses |
$ (9,694) |
|
Issued stock |
$ 1,493 |
|
Borrowings |
Its a Liability and do not affect Equity |
|
Owner's Equity on June 30 |
$ 23,019 = Answer |
- Correct Answer = Option ‘D’ $ 23,019
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