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Financial Accounting

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Solve for Owner's Equity Using the Balance Sheet Equation

FINACT-31AGN4

Phillips Mini-Storage reports the following account balances as of 6/30/2015. Use the balance sheet equation to solve for its missing Owner's Equity account balance.

Account Title Balance
Accounts Payable \$ 75,000
Accounts Receivable 50,000
Building 250,000
Cash 85,000
Equipment 115,000
Inventory 55,000
Land 40,000
Notes Payable 150,000
Owners' Equity ?
Supplies 10,000
A

\$605,000

B

\$225,000

C

\$380,000

D

\$830,000