Total assets 44900
Less: Liablities 14,550
Total Owner's equity 30,350
Less: Owner's capital 30,670
Add: Drawings 7,500
Less: Revenues 8,850
Expense 1,670
Assets =Liabilities +Owner's-Drawings+Revenues-Expense capital
44,900 = 14,550 + 30,670- 7,500 + 8,850 - 1,670
2. Jacob states a profit of $7,180
Net Income = Revenues – Expenses
= 8850–1670 = 7180
- Equipment, real estate, raw materials, and inventories are examples of tangible assets. Intangible assets include things like royalties, patents, and other intellectual property.
- The amount earned by an individual or corporation after costs, allowances, and taxes is referred to as net income. Net income in company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.
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