During its first year of operations, the owner of Lupo Company invested $15,000 in the business and withdrew $2,000. The company earned $35,000 of revenues and incurred $23,000 of expenses. At the end of the year, the company's equity totaled:

$25,000

Explanation:

Lupo Company's equity = owner's equity + retained earnings

Lupo Company's equity = $13,000 + $12,000 = $25,000

answer; the inspector may have found some violation that could cause death or some kind of serious injury;

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