at the beginning of the year,hernandez company had total assets of 800,000 and t
ID: 2386850 • Letter: A
Question
at the beginning of the year,hernandez company had total assets of 800,000 and total liabillities of 500,000. If total assets increased 150,000 during the year and total liabilities decreased 80,000, what is the amount of owner's equity at the end of the year?during the year ,totl liabilities increased 100,000 and owners equity decreased 70,000. what is the amount of total assets at the end of the year?
If total assets decreased 80,000 and owners equity increased 120,000 during the year, what is the amount of total liabilities at the end of the year?
Explanation / Answer
for this you need to use the equation assets = liabilities + equity or change it around for what you need to find, such as liabilities = assets - equity or equity = assets - liabilities. at the beginning of the year equity is 300,000 (assets - liabilities or 800,000 - 500,000) 1st question equity = assets - liabilities = 800,000 + 150,000 - (500,000 - 80,000) = 530,000 2nd question assets = equity + liabilites = 300,000 - 70,000 + 500,000 + 100,000 = 830,000 3rd question liabilities = assets - equity = 800,000 - 80,000 - (300,000 + 120,000) = 300,000
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