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26 December, 08:04

If the assets of a business are $ 390 comma 000 and the liabilities are $ 110 comma 000 , how much is the owners' equity? (2) if the owners' equity in a business is $ 90 comma 000 and the liabilities are $ 190 comma 000 , how much are the assets? (3) a company reported monthly revenues of $ 315 comma 000 and expenses of $ 100 comma 000. what is the result of operations for the month? (4) if the beginning balance of retained earnings is $ 160 comma 000 , revenue is $ 100 comma 000 , expenses total $ 65 comma 000 , and the company declares and pays a $ 10 comma 000 dividend, what is the ending balance of retained earnings?

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  1. 26 December, 11:03
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    If the assets of a business are $ 390 comma 000 and the liabilities are $ 110 comma 000 , how much is the owners' equity?

    Using the Balance Sheet Equation

    Assets = Liabilitites+Owners Equity

    390000=110000+Owners Equity

    Owners Equity=$280000

    if the owners' equity in a business is $ 90 comma 000 and the liabilities are $ 190 comma 000 , how much are the assets?

    Using the Balance Sheet Equation

    Assets = Liabilitites+Owners Equity

    Assets=190000+90000

    Assets=$280000

    (3) a company reported monthly revenues of $ 315 comma 000 and expenses of $ 100 comma 000. what is the result of operations for the month?

    Net income = Revenues-Expenses

    Net income=315000-100000

    Net Income = $215000

    (4) if the beginning balance of retained earnings is $ 160 comma 000 , revenue is $ 100 comma 000 , expenses total $ 65 comma 000 , and the company declares and pays a $ 10 comma 000 dividend, what is the ending balance of retained earnings?

    This can be found by below schedule:

    Beginning Balance ... 160000

    Add Revenue ... 100000

    Less Expense ... (65000)

    Less Dividend ... (10000)

    Ending Balance of Retained Earnings ... 185000
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