Jack Plans to Start His New Business with $10,000 in Savings

Multiple Choice

Jack plans to start his new business with $10,000 in savings from his full-time job, a bank loan of $15,000 for his equipment, and his truck which he currently owns and has a value of $7,000. What will his owner's equity be on the pro forma balance sheet?

A) $10,000
B) $17,000
C) $22,000
D) $12,000
E) need more information to calculate