Stockholder Equity Practice Quiz
Graded Quiz • 30 min Quiz4 Questions Week 3
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Stockholder Equity Practice Quiz

Graded Quiz • 30 min Quiz4 Questions Week 3

Q:

Owner’s equity is calculated by:

Q:

If a company has $80,000 in total assets and $40,000 in liabilities, the owner’s equity is ______.

Q:

You record an owner’s draw by _____ the Owner’s Draw Account and _____ the Cash Account.

Q:

At the end of a fiscal year, Winston’s Seafood had draws totaling $8,000. What is the first step in closing the draw account for this fiscal period?

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