at the end of an accounting period, a companys total assets equaled $386,750, and liabilities equaled…

at the end of an accounting period, a companys total assets equaled $386,750, and liabilities equaled $98,500. 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 $386,750, and liabilities equaled $98,500. 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 find Owner's Equity: Owner's Equity=Assets - Liabilities.

Step2: Substitute values

Given Assets = $386750 and Liabilities = $98500. Owner's Equity = 386750−98500.

Step3: Calculate

386750−98500 = 288250.00

Answer:

288250.00