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What is the amount of the owners equity account

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Discussion Questions

1. Lewis Kane begins business by investing $20,000 in cash, equipment valued at $60,000, and $5,000 worth of supplies. What is the equity of the company? Show all workings in an acceptable format.

2. If Lewis Kane included $30,000 in notes payable (treated as part of liabilities), what is the amount of the owner's equity account? Incorporate the information from the previous question (Question 1, above).

Reference no: EM131818275

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