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    Determine the owners' equity

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    Ramsey corporation reported the following accounts and balances in its financial statements: cash $35,000?

    inventory $10,200,equipment $19,500,accounts payable $16,350,contributed capital $30,000, retained earnings $18,350. arrange the accounts and balances into the accounting equation using the following equation and then answer the following questions; Assets=liabilities=owners'equity. what is the total amount of assets? what is the total amount of liabilities? What is the total amount of owners' equity?

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    Solution Preview


    $35,000 + $10,200 + $19500 = $16,350 + ($30,000 + $18,350 ...

    Solution Summary

    This solution shows how to calculate equity.