A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of owner's equity?
a. $17,000.
b. $29,000.
c. $71,000.
d. $88,000.
e. $105,000.
Answer: C
A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of owner's equity?
a. $17,000.
b. $29,000.
c. $71,000.
d. $88,000.
e. $105,000.
Answer: C
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