using the balance sheet, calculate xyz companys owners equity. xyz company - balance sheet assets…

using the balance sheet, calculate xyz companys owners equity. xyz company - balance sheet assets liabilities cash $35,000 notes $45,000 inventory $41,000 wages $56,000 property $124,000 owner’s equity stock $50,000 investment $49,000 owner’s equity = $?

using the balance sheet, calculate xyz companys owners equity. xyz company - balance sheet assets liabilities cash $35,000 notes $45,000 inventory $41,000 wages $56,000 property $124,000 owner’s equity stock $50,000 investment $49,000 owner’s equity = $?

Answer

Explanation:

Step1: Calculate total assets

Total assets = Cash + Inventory+ Property = $35000 + 41000+124000=$200000$

Step2: Calculate total liabilities

Total liabilities = Notes + Wages = $45000 + 56000=$101000$

Step3: Calculate owner's equity

According to the accounting - equation Assets = Liabilities+ Owner's Equity, so Owner's Equity = Assets - Liabilities. Owner's Equity = $200000 - 101000=$99000$

Answer:

$99000$