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What must total owner equity equal in order

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Problem 1: When the owner takes a draw for personal use, this will

Option 1: increase owners' equity

Option 2: decrease owners' equity

Option 3: do not affect owners' equity

Problem 2: On December 1, 2013, Geneva Jordan opened her new business with the following assets and liabilities.

Accounts Payable 1,100

Prepaid Rent 6,000

Cash 3,950

Loans Payable 15,500

Equipment 26,200

Supplies 1,250

What must total owner's equity equal in order for A = L + OE to be true?

Option 1: 37,400

Option 2: 21,900

Option 3: 20,800

Option 4: 36,300

Reference no: EM132624165

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