Can you help me ? I wanna clarify if my answer is correct: The ending owner's capital of the business amounts to 100,000. The beg. assets and liabilities are 100,000 & 60,000 respectively, and the owner contributed additional investment of 10,000. 1. Incurred 15,000 operating expense, the net income would be __________. 2. Ending total assets ? 3. Total revenue ? Thank you!
When you say "ending owner's capital", do you mean opening capital or closing capital? i will need to know both the capitals in order to figure out net income.
Ok i get it. Here's what i worked out. Net profit ⇨ 35,000. Closing assets ⇨1,00,000. Not sure if its accurate. Do check with others.