Question

Jim Tree has $3,300 in cash and $3,300 in owners equity. The following transactions take place. You withdraw $500 for yourself, You sell a workbench which originally cost you $800, for $950 cash. You pay $60 in cash for truck maintenance. Next month's utility bills total $225.

Answer 1

If you're asking how much you have now...

$4,190 Cash

$2,575 Equity

Answer 2

Assets

Cash: 2,500 - 500 + 950 - 60 = $2,890

Equipment: $0.00

Total Assets: The only asset he has is the cash $2,890

Liabilities and Owner's Equity

Accounts Payable: $225

Owner's Equity- Investment: 3,300 - 500 + 150 - 60 - 225 = $2,665

Total Liabilities and Owner's Equity: 225 + 2,665 = $2,890