Question

Alicia Keyes Company began the year with owner's equity of $280,000. During the year, the company recorded revenues of $375,000, expenses of $265,000, and had owner drawings of $30,000. What was Alicia Keyes' owner's equity at the end of the year?

Answer 1

Owner's equity = starting equity + revenues - expenses - withdrawals 

$280,000 + $375,000 - $265,000 - $30,000

Owner's equity is $360,000.

Answer 2

The owner's equity of Alicia Keyes' at the end of the year if company began the year with owner's equity of $280,000, revenue in the company is $375,000, expenses of $265,000 and owner drawings is of $30,000 is $3,60,000.

What is equity?

Equity is ownership of assets that may have debts or other liabilities attached to them.

What is revenue?

Revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business.

What is expense?

An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs.

What are drawings?

Drawing refers to the action of taking funds from an account or company holdings for individual use.

Equity at the beginning $=\ 280,000$

Revenue $=\ 375,000$

Expenses $=\ 265,000$

Drawings $=\ 30,000$

The equity of the owner at the end of the year

$=(\ 280,000+\ 375,000)-(\ 265,000+\ 30,000)\\=\ 655,000-\ 295,000\\=\ 360,000$

Hence, the equity of the owner at the end of the year is $\ 360,000$

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