Question

darden has beginning equity of $286,000, total revenues of $72,000, and total expenses of $34,000. the company has no other transactions impacting equity. the company's ending equity is:

Answer 1

Based on the beginning equity and the total revenues and expenses, the company's ending equity is $324,000

What is the ending equity?

First, find the net income:

= Revenue - expenses

= 72,000 - 34,000

= $38,000

The ending equity is:

= Beginning equity + net income

= 286,000 + 38,000

= $324,000

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