The Accounts of Mason Company at the End of the Past

question 32

Short Answer

The accounts of Mason Company at the end of the past year report the following amounts:
$$\begin{array} { l r } \text { Accounts } & \text { Amount } \\\hline \text { Owner Withdrawals, G. Mason } \ldots \ldots & \$ 15,500 \\\text { Revenues } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & \$ 97,000 \\\text { Expenses } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & \$ 43,800 \\\text { Owner investments } \ldots \ldots \ldots \ldots \ldots \ldots \ldots & 2,000\end{array}$$ If the beginning equity for the year was $173,000, calculate the ending equity for Mason Company.

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Definitions:

P(A And B)

The probability that events A and B both occur, which can be calculated directly or via the multiplication rule for independent events.

P(B|A)

The likelihood of event B happening after event A has already taken place.

Complement

The set or amount that completes something to a whole, usually in the context of sets in mathematics or the complement rule in probability.

P(A)

The probability of event A occurring in a statistical context.