To determine the owner's equity at the end of the accounting period, you can use the accounting equation:
[tex]\[ \text{Owner's Equity} = \text{Total Assets} - \text{Total Liabilities} \][/tex]
In this scenario, we are given:
- Total Assets = \[tex]$314,000
- Total Liabilities = \$[/tex]241,000
We need to calculate:
[tex]\[ \text{Owner's Equity} = \$314,000 - \$241,000 \][/tex]
Perform the subtraction:
[tex]\[ \$314,000 - \$241,000 = \$73,000 \][/tex]
Therefore, the owner's equity is:
[tex]\[ \text{Owner's Equity} = \$73,000 \][/tex]
Rounded to the nearest hundredth, the owner's equity remains \[tex]$73,000.
Hence, the answer is:
\[ \text{Owner's Equity} = \$[/tex]73,000 \]
