Solution-Determine the owner equity

Determine the owner equity

Reference no: EM133101104

Question - At year-end 2002, Yung had notes payable of $1200, accounts payable of $2400, and long-term debt of $3000. Corresponding entries for 2003 are $1600, $2000, and $7000. Asset values are below. During 2003, Yung had sales of $2000, cost of goods sold of $400, depreciation of $100, and interest paid of $150. The (average) tax rate is 21% and all taxes are paid currently.

Current Asset	2002	2003
Cash	$800	$600
Marketable securities	400	300
Accounts receivable	900	800
Inventory	1800	2000
Fixed Assets
Net Fixed Asset (Plant&Equipment)	$6000	$3000

Required - In 2003, determine the Owner (Stockholder)'s Equity?

Reference no: EM133101104

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Determine the owner equity

Reference no: EM133101104

Reference no: EM133101104

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