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6 June, 14:16

Oxes service shop started the year with total assets of $320,000 and total liabilities of $240,000. during the year, the business recorded $630,000 in revenues, $450,000 in expenses, and owner drawings of $60,000. ownerâs equity at the end of the year was

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  1. 6 June, 16:25
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    Owner's equity=total assets+revenues-liabilities-owner drawing-expenses

    Owner's equity=

    320,000+630,000-240,000

    -60,000-450,000

    =200,000 ... answer
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