ABC, Inc. had a balance of $200 000 owner' equity at the end of last financial...

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ABC, Inc. had a balance of $200 000 owner' equity at the end of last financial year (30 June 2019) During this year, the company recorded a net profit of $50 000, drawings of $30 000, and borrowed $10 000. What was the owner's equity at the end of this year as at 30 June 2020? ABC, Inc. had a balance of $200 000 owner' equity at the end of last financial year (30 June 2019) During this year, the company recorded a net profit of $50 000, drawings of $30 000, and borrowed $10 000. What was the owner's equity at the end of this year as at 30 June 2020?

Answer rating: 100% (QA)

To calculate the owners equity at the end of the year as of 30 June 2... View the full answer