At the beginning of the year, Addison Company\'s assets are $184,000 and its equ

ID: 2424789 • Letter: A

Question

At the beginning of the year, Addison Company's assets are $184,000 and its equity is $138,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at the end of the year?

Office Store has assets equal to $203,000 and liabilities equal to $176,000 at year-end. What is the total equity for Office Store at year-end?

At the beginning of the year, Quaker Company's liabilities equal $54,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $16,000 during the year. What are the beginning and ending amounts of equity?

Office Store has assets equal to $203,000 and liabilities equal to $176,000 at year-end. What is the total equity for Office Store at year-end?

Explanation / Answer

a)Assets = Liabilities + Equity

184,000 = 46,000 +138,000

+80,000 = +50,000

264,000 = 96,000 +168,000

Equity at ent = 168,000

b)Assets - liabilties = Equity

$203,000 - $176,000

Equity = $27,000

c)Assets = liabilties + Equity

130,000 = 54,000 +76,000

+60,000 = -16,000

190,000 = 38,000 + 152,000