Principles of Financial Accounting
Answer the following questions. (Hint: Use the accounting equation.)
At the beginning of the year, Addison Company’s assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at the year-end?
Office Store Co. has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the total equity for Office Store Co. at year-end?
At the beginning of the year, Quaker Company’s liabilities equal $70,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $5,000 during the year What are the beginning and ending amounts of equity?
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Principles of Financial Accounting