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svetlana [45]
2 years ago
5

At the beginning of a recent year, JetBlue's assets were $7,071 million and its equity was $1,757 million. During the year, asse

ts decreased by $1 million and liabilities decreased by $132 million. What was JetBlue's equity at the end of the year?
Business
1 answer:
STALIN [3.7K]2 years ago
7 0

Answer:

JetBlue's equity at the end of the year was $1,888 million

Explanation:

Basing on accounting equation:

Total asset = Liabilities + Equity

At the beginning of a recent year, JetBlue's liabilities = Total asset - Equity = $7,071 - $1,757 = $5,314 million.

During the year, assets decreased by $1 million and liabilities decreased by $132 million.

At the end of the year:

JetBlue's assets = $7,071 - $1 = $7,070 million

JetBlue's liabilities = $5,314 - $132 = $5,182 million

JetBlue's equity = JetBlue's assets - JetBlue's liabilities = $7,070 - $5,182 = $1,888 million

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