At the beginning of the year, Addison Company's assets are $218,000 and its equity is $163,500....
At the beginning of the year, Addison Company's assets are $218,000 and its equity is $163,500. During the year, assets increase $80,000 and liabilities increase $57,000. What is the equity at the end of the year?
Homework Answers
| Equity = Assest - Liabilities | |||
| Beginning of the year liabilities would be | |||
| $163500=$218000- Liabilities | |||
| Liabilities= $54500 | |||
| At the end of the year, equity would be | |||
| = ($218000+80000) - ($54500+57000) | |||
| =$186500 | |||
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At the beginning of the year, Addison Company's assets are
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