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Find what is the amount of owner equity

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Problem 1. The Owner's Equity of Leyla's Company is equal to one-quarter of the total assets. Liabilities equal $30,000. What is the amount of Owner's Equity?

A) $40,000

B) $10,000

C) $30,000

D) None of these answers are correct.

Problem 2. Cash had a normal starting balance of $600. There were debit postings of $200 and credit postings of $300 during the month. The ending balance is

A) $500 credit.

B) $1,100 debit.

C) $500 debit.

D) $1,100 credit.

Reference no: EM132959271

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