The question is Burlin company starts the year with $188,000 in assets and $37,600 in liabilities. Net income for the year is $47,000, and no dividends are paid. How much is owners’ equity at the end of the year?

So what I thought what i would have to do is add the 188,000 and the net income (47,000) to get $235,000. Then I would take the equation assets = liability + owners’ equity. I would plugin $235,000 = $37,600 + owners’ equity. Which I would find out by subtracting the 37,600 from the other side and end up with $197,400 for owners’ equity.