Owner’s equity is calculated by:
If a company has $80,000 in total assets and $40,000 in liabilities, the owner’s equity is ______.
You record an owner’s draw by _____ the Owner’s Draw Account and _____ the Cash Account.
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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