The total assets and total liabilities of ThriftShop Inc and

The total assets and total liabilities of ThriftShop, Inc. and Bullseye Corporation are shown below.

Determine the owners\' equity of each company.

	ThriftShop, Inc.	Bullseye Corporation
Assets	$14,501				$19,866
Liabilities	2,755				1,589

Solution

Owner\'s Equity = Total assets - Total Liabilities ThriftShop, Inc. Bullseye Corporation Total Assets (A) $14,501.00 $19,866.00 Total Liabilities (B) $2,755.00 $1,589.00 Owner\'s Equity (A-B) $11,746.00 $18,277.00