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Find what is the owner equity at the end

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Question 1. At the beginning of 2019, ABC Co.'s assets were $410,000 and its owner's equity was $170,000. During the year, assets increased by $40,000 and liabilities decreased by $15,000. What is the owner's equity at the end of 2019?

Question 2. Jake began the year with $500,000 in assets and $300,000 in liabilities. Net Income for the year was $150,000 and dividends declared by the board of directors was $25,000. Assuming no change in Liabilities, what were total assets at yearend?

Reference no: EM132682941

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