Doughnut Doughnut Enterprises has $ 39 comma 000$39,000 in cash, $ 10 comma 000$10,000 in inventory, $ 26 comma 000$26,000 balance due to creditors, and $ 21 comma 000$21,000 balance due from customers. What is the amount of owners' equity

The answer is $44,000

Explanation:

Accounting equation:

Asset = Equity + Liability

OR Equity = Asset - Liability.

Assets are what the business or firms own and control. Example, cash, inventory, accounts receivable etc.

While liabilities are what the business owe and must repay. For example, accounts payable etc.

In the question, assets are cash, inventory, accounts receivable (balance due from customers). So for assets, we have:

$39,000 + $10,000 + $21,000

=$79,000.

Liability is $26,000.

Therefore, equity is $79,000 - $26,000= $44,000

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