Determine the Ending Owner's Equity of a Business Having a Beginning

question 35

Short Answer

Determine the ending owner's equity of a business having a beginning owner's equity of $4,300, withdrawals of $1,500, and after closing the revenues and expenses Income Summary has a credit balance of $4,750.

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Definitions:

Revocable

Capable of being revoked, withdrawn, or annulled, often used in the context of legal agreements or trusts.

License

A permit from an authority to own or use something, do a particular thing, or carry on a trade.

Trademark

A symbol, word, or phrase legally registered or established by use as representing a company or product, serving to distinguish goods or services from those of other producers.

United States Patent

A legal document granted by the U.S. Patent and Trademark Office, giving an inventor exclusive rights to their invention for a certain period.