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A business has assets worth $1,000,000 and liabilities of $600,000. What is the
A business has assets worth $1,000,000 and liabilities of $600,000. What is the owner's equity?
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Practice Questions
1 question
Q1
A business has assets worth $1,000,000 and liabilities of $600,000. What is the owner's equity?
$400,000
$600,000
$1,000,000
$500,000
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Owner's Equity = Assets - Liabilities = 1,000,000 - 600,000 = $400,000.
Questions & Step-by-step Solutions
1 item
Q
Q: A business has assets worth $1,000,000 and liabilities of $600,000. What is the owner's equity?
Solution:
Owner's Equity = Assets - Liabilities = 1,000,000 - 600,000 = $400,000.
Steps: 6
Show Steps
Step 1: Identify the total assets of the business, which is $1,000,000.
Step 2: Identify the total liabilities of the business, which is $600,000.
Step 3: Use the formula for owner's equity, which is Owner's Equity = Assets - Liabilities.
Step 4: Substitute the values into the formula: Owner's Equity = 1,000,000 - 600,000.
Step 5: Perform the subtraction: 1,000,000 - 600,000 = 400,000.
Step 6: Conclude that the owner's equity is $400,000.
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