according to the information in the balance sheet, what is your equity in the business?\nbalance sheet for…

according to the information in the balance sheet, what is your equity in the business?\nbalance sheet for year ending december 31\nassets\ncash: $10,000\ninventory: $2,000\nequipment: $5,000\ntotal assets: $17,000\nliabilities\ncredit card balance: $2,500\nlong - term debt: $0\nunearned revenues: $3,500\ntotal liabilities: $6,000

according to the information in the balance sheet, what is your equity in the business?\nbalance sheet for year ending december 31\nassets\ncash: $10,000\ninventory: $2,000\nequipment: $5,000\ntotal assets: $17,000\nliabilities\ncredit card balance: $2,500\nlong - term debt: $0\nunearned revenues: $3,500\ntotal liabilities: $6,000

Answer

Explanation:

Step1: Recall accounting equation

Equity = Total Assets - Total Liabilities

Step2: Substitute given values

Equity = $17000 - 6000$

Step3: Calculate equity

Equity = $11000$

Answer:

$11,000$