How much is the businesses equity at the year-end, Accounting Basics

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How much is the businesses equity at the year-end

James Anthony, attorney, P.C., began the year with total assets $177,000, liabilities of $112,000, and owner's equity of $65,000. During the year, the business earned revenue of $103,000 and paid expenses of $48,000. Anthony also withdrew cash of $24,000. How much is the businesses equity at the year-end?

The answer is $96,000. please explain step by step how to get this answer.

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Accounting Basics: How much is the businesses equity at the year-end

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Accounting Basics: How much is the businesses equity at the year-end

Reference No:- TGS0692243

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Recent Questions Asked Accounting Basics

Q : Which option minimize the after tax cost

Q : Moles of an ideal gas within a balloon

Q : Evaluate commonly used volunteer training programs

Q : What is red doors return on assets

Q : How much is the businesses equity at the year-end

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Q : How would this transaction effect red doors accounting

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How much is the businesses equity at the year-end

Reference No:- TGS0692243

Recent Questions Asked Accounting Basics

Q : Which option minimize the after tax cost

Q : Moles of an ideal gas within a balloon

Q : Evaluate commonly used volunteer training programs

Q : What is red doors return on assets

Q : How much is the businesses equity at the year-end

Q : Patient protection and affordable care act

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Q : How would this transaction effect red doors accounting

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