Teamboo Company's owner's equity at the beginning of August 2016 was $740000. During the month the company earned net income of $175000 and owner's drawings were $80000. At the end of August 2016 what is the balance in owner's equity?

Question

Quizplus · Accepted Answer

Owner's equity at the beginning of August = $740000
Adding net income earned in August = $175000
Total = $915000
Subtracting owner's drawings = $80000
Owner's equity at the end of August = $835000

Teamboo Company's Owner's Equity at the Beginning of August 2016