amanda is the owner of a flooring company. her assets include $15,000 in cash, $10,000 in inventory, and…

amanda is the owner of a flooring company. her assets include $15,000 in cash, $10,000 in inventory, and $5,000 in equipment. her liabilities include a $6,000 credit card balance and $800 in long - term debt. what is amandas equity? $36,800 $23,400 $23,200 $20,400

amanda is the owner of a flooring company. her assets include $15,000 in cash, $10,000 in inventory, and $5,000 in equipment. her liabilities include a $6,000 credit card balance and $800 in long - term debt. what is amandas equity? $36,800 $23,400 $23,200 $20,400

Answer

Explanation:

Step1: Calculate total assets

$15000 + 10000+5000=30000$

Step2: Calculate total liabilities

$6000 + 800=6800$

Step3: Calculate equity using the accounting - equation

Equity = Assets - Liabilities, so $30000-6800 = 23200$

Answer:

$23200$