Answer:
A) If during the year total assets increased by $15,000 and total liabilities increased by $40,000 What is the end-of-year total stockholders’ equity? $115,000
B) If during the year total assets increased by $60,000 and total liabilities decreased by $5,000, what is the end-of-year total stockholders’ equity? $205,000
C) If during the year total liabilities increased by $40,000 and total stockholders’ equity increased by $35,000, what are the end-of-year total assets?
$395,000
Explanation:
ANSWER A)
Assets START END
TOTAL ASSETS $320,000 $335,000
TOTAL LIABILITIES $180,000 $220,000
TOTAL EQUITY $140,000 $115,000
TOTAL EQUITY & LIABILITIES $320,000 $335,000
ANSWER B)
TOTAL ASSETS $320,000 $380,000
TOTAL LIABILITIES $180,000 $175,000
TOTAL EQUITY $140,000 $205,000
TOTAL EQUITY & LIABILITIES $320,000 $380,000
ANSWER C)
TOTAL ASSETS $320,000 $395,000
TOTAL LIABILITIES $180,000 $220,000
TOTAL EQUITY $140,000 $175,000
TOTAL EQUITY & LIABILITIES $320,000 $395,000
