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Using the balance sheet, calculate XYZ Company's owner's equity.

\begin{tabular}{|c|c|c|c|}
\hline \multicolumn{4}{|c|}{ XYZ Company - Balance Sheet } \\
\hline \multicolumn{2}{|c|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities } \\
\hline Cash & \[tex]$34,000 & Notes & \$[/tex]31,000 \\
\hline Inventory & \[tex]$23,000 & Wages & \$[/tex]42,000 \\
\hline \multirow[t]{5}{*}{ Property } & \[tex]$98,000 & & \\
\hline & & & \\
\hline & & \multicolumn{2}{|c|}{ Owner's Equity } \\
\hline & & Stock & \$[/tex]45,000 \\
\hline & & Investment & \[tex]$37,000 \\
\hline
\end{tabular}

Owner's Equity = \$[/tex] [?]

Sagot :

GinnyAnsweridn
To calculate the owner's equity for XYZ Company, we need to follow these steps:

1. Calculate Total Assets:
- Cash: \[tex]$34,000 - Inventory: \$[/tex]23,000
- Property: \[tex]$98,000 Add these amounts to get the total assets. \[ \text{Total Assets} = \$[/tex]34,000 + \[tex]$23,000 + \$[/tex]98,000 = \[tex]$155,000 \] 2. Calculate Total Liabilities: - Notes: \$[/tex]31,000
- Wages: \[tex]$42,000 Add these amounts to get the total liabilities. \[ \text{Total Liabilities} = \$[/tex]31,000 + \[tex]$42,000 = \$[/tex]73,000
\]

3. Determine Owner's Equity:
- We are given stock (\[tex]$45,000) and investment (\$[/tex]37,000) which needs to be subtracted from the total assets after accounting for the liabilities.

First, subtract the total liabilities from the total assets:

[tex]\[ \text{Total Assets} - \text{Total Liabilities} = \$155,000 - \$73,000 = \$82,000 \][/tex]

Then, subtract the stock and investment from this result:

[tex]\[ \text{Owner's Equity} = \$82,000 - \$45,000 - \$37,000 = \$0 \][/tex]

Therefore, the owner's equity for XYZ Company is \$0.
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