Ask Question
BusinessBusiness
22 January, 22:15

Luis consulting started the year with total assets of $60,000 and total liabilities of $17,000. during the year, the business recorded $48,000 in consulting revenues and $36,000 in expenses. luis made an additional investment of $8,000 and withdrew cash of $9,000 during the year. ownerâs equity changed by what amount from the beginning of the year to the end of the year? $11,000. $3,000. $12,000. $45,000.

+3
Answers (1)
  1. 23 January, 02:06
    0
    Owner's equity at the beginning of the year is

    Assets-liabilities

    60,000-17,000=43,000

    Owner's equity at the end of the year is

    Beginning balance+revenues-expenses+additional investment-withdrawal amount

    43,000+48,000-36,000

    +8,000-9,000

    =54,000

    Owner's equity changed by

    ending balance-beginning balance

    54,000-43,000=11,000 ... answer
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Luis consulting started the year with total assets of $60,000 and total liabilities of $17,000. during the year, the business recorded ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
MIT economist Jerry Hausman has estimated the price elasticity of demand for Post Raisin Bran cereal to be minus2.5 and the price elasticity of demand for all types of breakfast cereals to be minus0.9.
Answers (1)
P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposited in the seller's bank account. Master Card charges a 4% fee.
Answers (1)
Harlan Enterprises manufactures smart phones. Currently, Harlan has $14,000 in raw materials and $25,000 in finished goods in its warehouse. It also has $18,600 in work-in-process goods on its assembly line.
Answers (1)
The following information is available for Barkley Company: 2017 2016 Accounts receivable $ 360,000 $400,000 Inventory 280,000 320,000 Net credit sales 3,000,000 1,400,000 Cost of goods sold 1,200,000 1,060,000 Net income 300,000 170,000 Calculate
Answers (1)
In 2018, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2018?
Answers (1)
New Questions in Business
The firm's short-run supply curve is the A) horizontal summation of the other firms' marginal cost curves. B) the portion of the firm's marginal cost curve that lies above the firm's average total cost curve.
Answers (1)
The Fed's Federal Open Market Committee a. advises the Fed on the overall health of the economy. b. regulates savings and loan associations, savings banks, and credit unions. c. advises the Fed on consumer credit laws. d.
Answers (1)
The three major economic impacts of tourism are. a. Cultural facilities, infrastructure, and employment b. Employment, income, and income from outside the destination c. Invisible exports, balance of payments, and economic growth d.
Answers (2)
Dirk is the maker of a note, on which Erv is secondarily liable. Friendly Credit Company is the current holder of the note. Erv will be obligated to pay the note if
No Answers
Bennyson Corp. has five strategic business units (SBUs) - information technology, construction, education, consumer products, and energy. Its energy unit has a large market share in the industry and generates the majority of its profits.
Answers (1)
Home » Business » Luis consulting started the year with total assets of $60,000 and total liabilities of $17,000. during the year, the business recorded $48,000 in consulting revenues and $36,000 in expenses.
Sign Up Forgot Password?