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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Business

14 November, 21:04

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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Jamal Hull · 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