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Homework answers / question archive / On May 1, 2013, Padilla Inc
On May 1, 2013, Padilla Inc. reported owner's equity of $136,000. During the month, Padilla generated revenues of $20,000 and incurred expenses of $12,000, purchased equipment worth $5,000, and withdrew cash of $2,000. What is the amount in owner's equity on May 31, 2013?
a. $136,000
b. $8,000
c. $137,000
d. $142,000
The owner's equity is:
| Beginning balance | $136,000 |
| Revenues | 20,000 |
| Expenses | (12,000) |
| Withdrawals | (2,000) |
| Ending balance | $142,000 |
|---|
The correct option is d.
