Question

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

Answer 1

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