The amount of Chapman's assets at the beginning of the year is $40,000
What is accounting equation?
The accounting equation stated that the total assets of a company is the same as its owner's equity plus total labilities
Total assets=owner's equity+liabilities
Total assets at the end of the year=2*assets at the beginning
let us assume beginning assets were x
Total assets at the end of the year=2x
owner's equity=$20,000
liabilities=$40,000
2x=$20,000+$60,000
2x=$80,000
x=$80,000/2
x=assets at the beginning of the year=$40,000
Find out more about accounting equation on: brainly.com/question/14523202
#SPJ1
