The amount of owner's equity is $95,000.
Owner's equity = Total assets - Liabilities
= $38,000+ $24,000 + $58,000 - $25,000
= $95,000
At the end of an accounting period, owner's equity is recorded in the balance sheet. It is calculated as the difference between total assets and total liabilities. The closing equity balance is carried forward and used as the first balance of the next year.
Owner's equity is shown as a net amount on the balance sheet because, in addition to contributing capital to the business, owners can withdraw some funds. The balance sheet's left side displays the assets, and the right side displays the liabilities and owners' equity.
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