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 Inventory: 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 0000 7,000 11,000 17,000 10,000

To calculate the equity in the business, we need to subtract the total liabilities from the total assets.Total Assets: 6,000Equity = Total Assets - Total LiabilitiesEquity = 6,000Equity = 11,000.