at the end of an accounting period, a companys total assets equaled $565,000, and liabilities equaled…

at the end of an accounting period, a companys total assets equaled $565,000, and liabilities equaled $200,000. how much was the owners equity? owner’s equity = $?

at the end of an accounting period, a companys total assets equaled $565,000, and liabilities equaled $200,000. how much was the owners equity? owner’s equity = $?

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 Assets = $565000 and Liabilities = $200000. Owner's Equity = 565000−200000.

Step3: Calculate the result

Owner's Equity = $365000.

Answer:

$365000