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kumpel [21]
3 years ago
8

At the beginning of the year, Kimball Company had total assets of $700,000 and total liabilities of $400,000. If the total asset

s increased $100,000 and the total liabilities decreased $80,000, what is the amount of owner’s equity at the end of the year?
Business
1 answer:
svlad2 [7]3 years ago
4 0

Answer:

$ 480 000

Explanation:

Assets : $700 000(@ beginning of year )

$100 000 increase (during year )

700 000+100 000=$800 000(@end of year)

Liabilities : $400 000(@ begininng of year )

$80 000 decrease (@ during of year)

400 000-80 000=$320 000 (@end of year)

Asset = Equity + Liability

Amount of owner’s equity at the end of the year (let x = owners equity)

800 000= x + 320 000

x= 800 000 - 320 000=$480 000

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3 years ago
Bill Carson owned some land that was mortgaged to Bob Jordan. Carson erected a building on this land in which he installed heavy
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Explanation:

Solution

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