Question

Calculate the total owners' equity for the company: Cash: $ 10,350 Equipment: $25,000 Accounts payable: $17,897...

Calculate the total owners' equity for the company:

Cash: $ 10,350

Equipment: $25,000

Accounts payable: $17,897

Bank Loan: $ 15,500

Inventory: $ 15,345  

Notes payable: 12,340

Account Receivable: $ 13,290

Accrued Expenses; $12,567

Notes receivable: $ 9,786

Prepaid Insurance: $ 14,048

Unearned revenue: $11,954
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Answer #1

Owner's Equity = Total Assets - Total Liabilities

Total Assets = Cash + Accounts receivable + Inventory + Prepaid Insurance + Notes receivable + Equipment

Total Assets = $10,350 + $14,048 + $13,290 + $15,345 + $9,786 + $25,000

Total Assets = $87,819

Total Liabilities = Accounts Payable + Accrued expense + Unearned revenue + Noted Payable + Bank Loan

Total Liabilities = $17,897 + $12,567 + $11,954 + $12,340 + $15,500

Total Liabilities = $70,258

Owner's Equity = $87,819 - $70,258

Owner's Equity = $17,561

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