Answer:
$710,000
Explanation:
The computation of the owner’s equity at the end of the year is given below:
We know that
Accounting equation equals to
Total assets = Total liabilities + owners equity
where,
Total assets = $800,000 + $150,000 = $950,000
And, the total liabilities = $300,000 - $60,000 = $240,000
So, the owners equity at the end of the year would be
= $950,000 - $240,000
= $710,000
