Black Keys Company began the year with owner’s equity of $280,000. During the year, the company recorded revenues of $375,000, expenses of $285,000, and had owner drawings of $30,000. What was Black Keys’ owner’s equity at the end of the year?
Fat Possum’s Service Shop started the year with total assets of $330,000 and total liabilities of $240,000. During the year, the business recorded $630,000 in revenues, $420,000 in expenses, and owner drawings of $60,000. The net income reported by Fat Possum’s Service Shop for the year was
If total liabilities increased by $30,000 and owner’s equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period?
Centro-matic Company began the year with owner’s equity of $30,000. During the year, Centro-matic received additional owner investments of $42,000, recorded expenses of $120,000, and had owner drawings of $8,000. If Centro-matic’s ending owner’s equity was $112,000, what was the company’s revenue for the year?
If total liabilities decreased by $50,000 and owner’s equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period?
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