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For Frank Music, what is the owner’s equity? Hint: Subtract the Bank Loan and the items in the last column from the sum of the remaining items (assets).

For Frank Music what is the owners equity Hint Subtract the Bank Loan and the items in the last column from the sum of the remaining items assets class=

Respuesta :

Aliwohaish12
Owners equity=total assets-total liabilities

Assets includes
Cash on hand 5690
Customers owe 7232
Inventory 18550
Supplies 615.5
Store fixtures 2780
Building 42000
Land 30000
Total assets=106,867.5

Liabilities include
Bank loan 15315
Unpaid merchandise 5378
Taxes owed 810.10
Wages owed 525.45
Mortgage loan 21575
Total liabilities=43,603.55

So
Owners equity=106,867.5−43,603.55
=63,263.95