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 |
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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