At January 1, 2008, Burton Industries reported owner’s equity of $130,000. During 2008, Burton had a...
At January 1, 2008, Burton Industries reported owner’s equity of $130,000. During 2008, Burton had a net income of $30,000 and owner drawings of $20,000. At December 31, 2008, the amount of owner’s equity is a. $130,000. b. $140,000. c. $100,000. d. $80,000.
Homework Answers
At December 31, 2008, the amount of owner’s equity = Opening Owner's Equity - Drawings + Net Income
= $ 130,000 - $ 20,000+ $ 30,000
= $ 140,000
Hence the correct answer is b. $140,000
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At January 1, 2008, Burton Industries reported owner’s equity of
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