Short Questions1. Kevin Foster begins business by investing $20,000 in cash, equipment valued at $60,000, and $5,000 worth of supplies. What is the equity of the company? Show all workings in an acceptable format.2. If Kevin Foster included $30,000 in notes payable (treated as part of liabilities), what is the amount of the owner’s equity account? Incorporate the information from the previous question (Question 1, above).
RECOMMENDED!!Kevin Foster begins business by investing $20,000 in
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