You are examining the year-end balance sheet for your business. According to the information in the Balance Sheet.what is your equity in the business? Balance Sheet for year ending December 31 Assets Cash: 10,000 2,000 Equipment: 5,000 Total Assets: 17,000 Liabilities Credit card balance: 2,500 Long-term debt: 0 Unearned revenues: 3,500 Total Liabilities: 6,000 11,000 10,000 17,000 7,000

In financial accounting, owner's equity refers to the residual interest in the assets of a company after deducting the liabilities. In the context of the given information, the equation to calculate equity would be Equity = Total Assets - Total Liabilities. Considering the numbers provided in the balance sheet: Equity = 6,000 (total liabilities) = 11,000, is the correct equity value for this business according to the year-end balance sheet.