Mary Smith is the owner and operator of Smith Construction. At the end of the company’s accounting period, December 31, 2020, Smith Construction has assets totaling $760,000 and liabilities totaling $240,000.
Question 2
Mary Smith is the owner and operator of Smith Construction. At the end of the company’s accounting period, December 31, 2020, Smith Construction has assets totaling $760,000 and liabilities totaling $240,000.
Use the accounting equation to calculate what Mary’s Owner Equity would be as of December 31, 2020.
(Enter your answer as a whole number. Don’t use a decimal.)
520,000
