at the end of an accounting period, a companys total assets equaled $314,000, and liabilities equaled…

at the end of an accounting period, a companys total assets equaled $314,000, and liabilities equaled $241,000. how much was the owners equity? owner’s equity = $? round to the nearest hundredth.

at the end of an accounting period, a companys total assets equaled $314,000, and liabilities equaled $241,000. how much was the owners equity? owner’s equity = $? round to the nearest hundredth.

Answer

Explanation:

Step1: Recall accounting - equation

The accounting - equation is $Assets = Liabilities+Owner's\ Equity$. We can re - arrange it to solve for Owner's Equity: $Owner's\ Equity=Assets - Liabilities$.

Step2: Substitute given values

Given that $Assets = 314000$ and $Liabilities = 241000$. Then $Owner's\ Equity=314000 - 241000$.

Step3: Calculate the result

$314000−241000 = 73000.00$

Answer:

$73000.00$