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

question 89

Short Answer

Determine the beginning owner's equity of a business having beginning assets of $12,000, ending liabilities of $5,000. During the year the liabilities decreased by $3,000.

---

Definitions:

Read/Write Head

The mechanism that retrieves (reads) and records (writes) the magnetic data to and from a data disk.

Access Time

The duration required to retrieve data from a storage device or memory.

Seek Time

The time it takes for the hard drive’s read/write heads to move over the surface of the disk to the correct track.

Latency

The delay before a transfer of data begins following an instruction for its transfer; it is often used to describe delays in network communication.