A company reported the following: Owner’s equity was $425,000 as of the balance sheet date on...
A company reported the following: Owner’s equity was $425,000 as of the balance sheet date on December 31, 2017. The following information includes all of the information recorded for the year ended December 31, 2018:
|
Rental income........................................ |
$415,000 |
|
Management fee income........................ |
$150,000 |
|
Deferred revenue.................................... |
$20,000 |
|
Property operating expenses.................. |
$423,000 |
|
Notes payable......................................... |
$1,200,000 |
What is the total equity of the company at December 31, 2018?
Homework Answers
| Rental income | 415000 |
| Management fee income | 150000 |
| Less : Property operating expenses | 423000 |
| Net income | 142000 |
| Equity | |
| Owner's equity | 425000 |
| Retained earnings | 142000 |
| Total equity | 567000 |
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