Question

Suppose you are working on the balance sheet for your business. You need to determine your equity as an owner. Consider the following details: Total assets: $37,777 Total liabilities: $16,575 How would you determine your equity as the business owner? Explain the process you would take to determine the owner's equity. Provide two examples of assets and two examples of liabilities. Finally, provide the dollar value of owner's equity, given the dollar figures above.

Answer 1

Assuming Total assets is $37,777  and Total liabilities is $16,575. The  dollar value of owner's equity is $21,202.

What is equity?

Equity can be defined as total  assets minus total liability.

Owner equity can be calculated using this formula

Equity=Total assets- Total liabilities

Equity=$37,777-$16,575

Equity=$21,202

Examples of assets are:

• Building
• Equipment

Examples of liabilities are:

• Interest payable
• Accrued wages

Inconcludion the  dollar value of owner's equity is $21,202.

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