Question

MC Qu. 182 A company reported total equity of... A company reported total equity of $177,000 at the beginning of the year. Th
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution:

Total Equity at the end of the year = beginning equity + revenue - expenses = $177000 + $242000 - $181000 = $238,000

Total assets at the end of year = Total equity + Liabilities = $238000 + $108000 = $346,000

Hence "$346,000" is correct.

Add a comment
Know the answer?
Add Answer to:
MC Qu. 182 A company reported total equity of... A company reported total equity of $177,000...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • MC Qu. 183 Flitter reported net income of.. Flitter reported net income of $21,500 for the...

    MC Qu. 183 Flitter reported net income of.. Flitter reported net income of $21,500 for the past year. At the beginning of the year the company had $208,000 in assets and $58,000 in liabilities. By the end of the year, assets had increased to $308,000 and liabilities were $83,000. Calculate its return on assets: Multiple Choice 10.3% 8.3% 70% 35.5%

  • At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $276,000 and...

    At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $276,000 and Total Liabilities of $21,300 and Total Paid-in capital of $85,200. During the year, the company reported total revenues of $325,000 and expenses of $251,500. Also, dividends during the year totaled $66,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be: Multiple Choice $277,500. $240,000. $171,000. $174,000. $177,000

  • MC Qu. 119 If a company receives... If a company receives $12,800 from its sole stockholder...

    MC Qu. 119 If a company receives... If a company receives $12,800 from its sole stockholder to establish a corporation, the effect on the accounting equation would be: Multiple Choice Assets decrease $12,800 and equity decreases $12,800. Assets increase $12,800 and liabilities decrease $12,800 Assets increase $12,800 and liabilities increase $12,800. Liabilities increase $12,800 and equity decreases $12,800.

  • Saved TB MC Qu. 01-135 The assets of a company... The assets of a company total...

    Saved TB MC Qu. 01-135 The assets of a company... The assets of a company total $716,000; the liabilities, $208,000. What is the amount of equity? Multiple Choice $924.000. $716,000 $508,000 < Prey 8 of 19 Next >

  • A company reported total equity of $145.000 at the beginning of the year. The company reported...

    A company reported total equity of $145.000 at the beginning of the year. The company reported $210.000 in revenues and 5165.000 in expenses for the year. Liabilities at the end of the year totaled 592.000. What are the total assets of the company at the end of the year? A 545.000 0.592.000 C.590.000 0.5210.000 E5282.000 Billington Corp borrows $80,000 cash from Second National Bank. How does this transaction affect the accounting equation for Billin A Assets would decrease 580,000 and...

  • MC Qu. 140 The assets of a company total... The assets of a company total $714,000;...

    MC Qu. 140 The assets of a company total... The assets of a company total $714,000; the liabilities, $207,000. What are the net assets? Multiple Choice o $921,000. o $714,000. o . $507,000. S207,000. О.

  • MC Qu. 2-173 The classified balance sheet for a... The classified balance sheet for a company reported current assets o...

    MC Qu. 2-173 The classified balance sheet for a... The classified balance sheet for a company reported current assets of $1,818,796, total liabilities of $802,540, Common Stock of $1,030,000, and Retained Earnings of $133,260. The current ratio was 2.8. Which of the following statements is not correct? Multiple Choice C) Noncurrent liabilities are $133,260. Total Stockholders' equity is $1,163,260. Total Assets are $1,965,800. o The amount or The amount of current assets is 2.8 times the amount of current liabilities.

  • MC Qu. 178 Zapper has beginning equity of... Zapper has beginning equity of $267,000, net income...

    MC Qu. 178 Zapper has beginning equity of... Zapper has beginning equity of $267,000, net income of $56,000, dividends of $45,000 and stockho lder investments of $11,000. Its ending equity is: Multiple Choice $233,000 $245,000 $278,000 $289,000.

  • At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $267,000 and...

    At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $267,000 and Total Liabilities of $20,600 and Total Paid-in capital of $82,400. During the year, the company reported total revenues of $314,000 and expenses of $243,000. Also, dividends during the year totaled $64,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be: Multiple Choice $268,000 $232,000. $165,000. $168,000 $171,000

  • MC Qu. 169 Fernwood Company is... Fernwood Company is preparing the company's statement of cash flows...

    MC Qu. 169 Fernwood Company is... Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 313,000 Cash dividends declared for the year 70,000 Proceeds from the sale of equipment 120,200 Gain on the sale of equipment 6,900 Cash dividends payable at the beginning of the year 30,800 Cash dividends payable at the end of the year 38,000 Net...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT