If assets are $540,000 and liabilities are $236,000 what is the amount of owner’s equity?
Answer is $304,000
Total Assets = $540,000
Total Liabilities = $236,000
According to accounting equation:
Total Assets = Total Liabilities + Total Owners’ Equity
$540,000 = $236,000 + Total Owners’ Equity
Total Owners’ Equity = $304,000
If assets are $540,000 and liabilities are $236,000 what is the amount of owner’s equity?
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