If the assets of a business are $ 390 comma 000 and the liabilities are $ 110 comma 000, how much is the owners' equity?
Using the Balance Sheet Equation
Assets= Liabilitites+Owners Equity
390000=110000+Owners Equity
Owners Equity=$280000
if the owners' equity in a business is $ 90 comma 000 and the liabilities are $ 190 comma 000, how much are the assets?
Using the Balance Sheet Equation
Assets= Liabilitites+Owners Equity
Assets=190000+90000
Assets=$280000
(3) a company reported monthly revenues of $ 315 comma 000 and expenses of $ 100 comma 000. what is the result of operations for the month?
Net income= Revenues-Expenses
Net income=315000-100000
Net Income= $215000
(4) if the beginning balance of retained earnings is $ 160 comma 000, revenue is $ 100 comma 000, expenses total $ 65 comma 000, and the company declares and pays a $ 10 comma 000 dividend, what is the ending balance of retained earnings?
This can be found by below schedule:
Beginning Balance............................................................................160000
Add Revenue.......................................................................................100000
Less Expense.....................................................................................(65000)
Less Dividend.....................................................................................(10000)
Ending Balance of Retained Earnings........................................185000
