Question

answer the following questions. hint: use the accounting equation. a. at the beginning of the year, addison company's assets are $170,000 and its equity is $127,500. during the year, assets increase $80,000 and liabilities increase $56,000. what is the equity at year-end? b. office store company has assets equal to $226,000 and liabilities equal to $187,000 at year-end. what is the equity for office store company at year-end? c. at the beginning of the year, quaker company's liabilities equal $69,000. during the year, assets increase by $60,000, and at year-end assets equal $190,000. liabilities decrease $14,000 during the year. what are the beginning and ending amounts of equity?

Answer 1

The ending equity for part A is $151,500; for part B is $39,000; for Part C, beginning equity is $61,000, and ending equity is $135,000

What Exactly Is an Asset?

A resource having economic worth that a person, business, or nation owns or manages with the hope that it will someday be useful is referred to as an asset. A company's balance sheet lists assets. They are categorized as current, fixed, financial, and intangible. They are acquired or produced to raise a company's value or improve the operations of the company.

Calculate all amount of equity:

part A:

At beginning assets is $170,000 liabilities is $42,500 and equity is $127,500

Formula to find assests then:-

Assets = liabilities+equity

at change assests is $80,000 liabilities is $56,000 and equity is $24,000

at end assests is $250,000 liabilities is $98,500 and equity is $151,500

then ending equity is $151,500

Part B:

At ending assets is $226,000 liabilities is $187,000 and equity is $39,000

Ending equity is $39000

Part C:

At beginning assets is $130,000 liabilities is $69,000 and equity is $61,000

at change assets is $60,000 liabilities is $-14,000 and equity is $74,000

at end assets is $190,000 liabilities is $55,000 and equity is $135,000

then beginning equity $61,000 ending equity is $135,000

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