Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. james anthony, attorney, p.c., began the year with

James Anthony, attorney, P.C., began the year with total assets $177,000, liabilities of $112,000, and...

80.2K

Verified Solution

Question

Accounting

James Anthony, attorney, P.C., began the year with total assets $177,000, liabilities of $112,000, and owner's equity of $65,000. During the year, the business earned revenue of $103,000 and paid expenses of $48,000. Anthony also withdrew cash of $24,000. How much is the businesses equity at the year-end?

The answer is $96,000. please explain step by step how to get this answer.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

When the velocity of a relativistic charged particle increases it s specific charge Decreases 2...

Physics
Q

At the end of last month, Ajax Inc. had the following balancesin its accounts:Cash...At...

Accounting
Q

Olsen Outfitters Inc. believes that its optimal capital structure consists of 60% common equity and 40%...

Finance
Q

for the biceps and triceps muscle How is the mechanical behavior of a single muscle fiber in tension different from...

Medical Sciences
Q

7 Huntington s disease is a dominant condition that affects areas of the brain People...

Biology
Q

5 The primary and secondary coils of a transformer have 150 and 50 turns respectively...

Physics
Q

then its density at 1 13 11 g cc 3 16 11 g cc 4...

Physics
Q

Determine the value of a such that the area between 0 and z is 0...

Statistics
Q

Cash flows from operating activities: Net income 10000...

Accounting
Q

An employee receives 20,000 SARs based on current market price of $20 per share. Service...

Accounting
Q

Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc., began business on January 1. Certain...

Accounting
Q

Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $80 per unit. Variable...

Accounting