Mike Anderson is the owner and operator of Anderson Consulting. At the end of 2019, the company’s assets totaled $500,000 and its liabilities totaled $175,000. Assuming that over the 2020 fiscal year,
Question 3
Mike Anderson is the owner and operator of Anderson Consulting. At the end of 2019, the company’s assets totaled $500,000 and its liabilities totaled $175,000. Assuming that over the 2020 fiscal year, assets increased by $120,000 and liabilities increased by $72,000, use the accounting equation to determine what Mike’s Owner’s equity will be as of December 31, 2020?
(Enter your answer as a whole number. Don’t use a decimal.)
373,000
