During 2020, its first year of operations, Bramble’s Bakery had revenues of $59800 and expenses of...
During 2020, its first year of operations, Bramble’s Bakery had revenues of $59800 and expenses of $35300. The business had owner’s drawings of $19200. What is the amount of owner’s equity at December 31, 2020, if the beginning balance was $-0-?
a. $5300 credit
b. $24500 credit
c. $19200 debit
d. $0
Homework Answers
Correct answer is a $5300
| Computatiion of Owner Equity at 31 Dec 2020 | |
| Particlar | Amount |
| Revenue | $59,800.00 |
| Less: Expense | $35,300.00 |
| Less: Drawing | $19,200.00 |
| Owner Equity | $5,300.00 |
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