Savvy Sightseeing had beginning equity of $72,000; revenues of $90,000, expenses of $65,000, and withdrawals by owners of $9,000. Calculate the ending equity.

Name: Savvy Sightseeing had beginning equity of $72,000; revenues of $90,000, expenses of $65,000, and withdrawals by owners of $9,000. Calculate the ending equity.
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Question

Quizplus · Accepted Answer

Ending Equity = Beginning Equity + Revenues - Expenses - Withdrawals 
                  = $72,000 + $90,000 - $65,000 - $9,000 
                  = $88,000

Savvy Sightseeing Had Beginning Equity of $72,000; Revenues of $90,000