Exercise I. Juan del Pueblo owns a computer repair business called Computers Repairs. When the accounting...
Exercise I. Juan del Pueblo owns a computer repair business called Computers Repairs. When the accounting period ended on December 31, 2019, Computers Repair had assets of $ 655,000 and had liabilities of 100,000. Using the accounting equation, determine the owner's equity.
Homework Answers
Answer : owner's equity. = $ 555000
Explanation
The accounting Equation is the Base of the Double entry accounting system. The accounting Equation shows that a acompany's total assets are equal to the sum of the company's liabilities and shareholder's Equity or owner's Equity.
Calculation
Assets = Liabilities + Owner's Equity
Owner's Equity = Assets - Liabilities
= $ 655000 - $ 100000
= $ 555000
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Exercise I. Juan del Pueblo owns a computer repair business
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