On June 30, 2014, the balance sheet of Zorab & Co. showed total assets of $400,000, total liabilities of $300,000, and owner's equity of $100,000. The following transactions occurred in July of 2014:

The owner invested an additional $70,000 cash in the business.

The business purchased equipment for $150,000, paying $60,000 cash and issuing a note payable for $90,000.

The business paid off $40,000 of its accounts payable.

As of July 31, 2014 what is the amount reported in Owner's equity?

Answer rating: 100% (QA)

To determine the amount reported in Owners equity as of July 31 2014 we need to consider the changes ... View the full answer