Cool Tours 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.

A) $88,000.
B) $25,000.
C) $97,000.
D) $38,000.
E) $47,000.

Question

murali kumar · Accepted Answer

Final Answer : A, Explanation :  The ending equity is calculated as beginning equity + revenues - expenses - withdrawals. So, $72,000 + $90,000 - $65,000 - $9,000 = $88,000.

Cool Tours 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.

A) $88,000.
B) $25,000.
C) $97,000.
D) $38,000.
E) $47,000.

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Cool Tours 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.A) $88,000.B) $25,000.C) $97,000.D) $38,000.E) $47,000.

Definitions

Learning Objectives

Learning Objectives

Related questions

Cool Tours 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.

A) $88,000.
B) $25,000.
C) $97,000.
D) $38,000.
E) $47,000.