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.

Question

Romeo Knapp

Business

13 June, 20:06

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.

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Aracely · Answer 1

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