Conelius opened his Yukon Goid Jewelry Store last year. To get his business started, Cornelius purchased...

  

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Conelius opened his Yukon Goid Jewelry Store last year. To get his business started, Cornelius purchased a small building, which was valued at $170.000 when he bought it. He look out a S130.000 loan in order to acquire the building. Cornelius then bought 544,830 orth of supplies, 55,525 worth of equipment, and $280.500 worth cof merchandise. He took out a 5200,000 business loan to purchase these items and covered the rest with his own avings. Cornelius also opened a business bank account with S50,000 of his own money. Sace opening last year, the value of the building has increased by 34, and Cornelius paid off $1,450.73 of hìs loan. The value of the equipment has depreciated by 20% while the value ar the supplies has remained constant. Cornelius paid off $2.231.89 of his business loan, scld a 5224,980 value of his merchandise, and purchased (paid for in full) S122,000of new merchandise. He currently owes $75,000 for a shipment of merchandise that just arrived. Interest and sales has increased the money in his bank account by 23%. What is Cornelius's current ower's equity in his jewelry store? A-L=0E Conelius opened his Yukon Goid Jewelry Store last year. To get his business started, Cornelius purchased a small building, which was valued at $170.000 when he bought it. He look out a S130.000 loan in order to acquire the building. Cornelius then bought 544,830 orth of supplies, 55,525 worth of equipment, and $280.500 worth cof merchandise. He took out a 5200,000 business loan to purchase these items and covered the rest with his own avings. Cornelius also opened a business bank account with S50,000 of his own money. Sace opening last year, the value of the building has increased by 34, and Cornelius paid off $1,450.73 of hìs loan. The value of the equipment has depreciated by 20% while the value ar the supplies has remained constant. Cornelius paid off $2.231.89 of his business loan, scld a 5224,980 value of his merchandise, and purchased (paid for in full) S122,000of new merchandise. He currently owes $75,000 for a shipment of merchandise that just arrived. Interest and sales has increased the money in his bank account by 23%. What is Cornelius's current ower's equity in his jewelry store? A-L=0E

Answer rating: 100% (QA)

Items Amount Asset Liability Buliding 17000000 Asset Su... View the full answer