(Answered) Question - owners equity represents the residual interest

Accounting

Question - Owners equity represents the residual interest that Joe would have in his business. In other words, the assets of the business less its liabilities.

Joe's Mechanical Workshop started business with $24,000 cash and a truck worth $40,000. He purchased some tools. Paid $24,000 for half the tools and borrowed the balance from the bank. How much equity does Joe have in the business?

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