holden owns a restaurant. his assets include $6,500 in cash, $2,400 in inventory, $8,000 in equipment, and…

holden owns a restaurant. his assets include $6,500 in cash, $2,400 in inventory, $8,000 in equipment, and $15,000 for a delivery vehicle. his liabilities include a $3,500 credit card balance, $2,200 in bank loans, and $12,500 in mortgage payments for the restaurant. what is holdens equity? $13,700 $13,900 $14,100 $13,500

holden owns a restaurant. his assets include $6,500 in cash, $2,400 in inventory, $8,000 in equipment, and $15,000 for a delivery vehicle. his liabilities include a $3,500 credit card balance, $2,200 in bank loans, and $12,500 in mortgage payments for the restaurant. what is holdens equity? $13,700 $13,900 $14,100 $13,500

Answer

Explanation:

Step1: Calculate total assets

$6500 + 2400+8000 + 15000=31900$

Step2: Calculate total liabilities

$3500+2200 + 12500=18200$

Step3: Calculate equity

Equity = Total assets - Total liabilities, so $31900-18200 = 13700$

Answer:

$13700$