Homework Answers
Ans:
Total Assets = Equity + Total Liabilities
Beginning of the year:
Beginning assets = Year end assets - Increased assets
= $190,000 - $60,000
Beginning assets = $130,000
Assets = Equity + Liabilities
$130,000 = Equity + $70,000
Equity at the beginning = $130,000 - $70,000
= $60,000
Equity at the beginning = $60,000
Ending of the year:
Ending assets= Beginning assets + Assets increased during the year
Ending assets= $130,000 + $60,000
Ending assets = $190,000
Beginning liabilities + Liabilities increased/decreased = Ending liabilities
$70,000 - $11,000 = $59,000
Ending liabilities = $59,000
Assets = Equity + Liabilities
$190,000 = Equity + $59,000
Equity at the End = $131,000
(If any doubts or queries, please comment and clarify ASAP.
| Equity at the beginning |
$60,000 |
| Equity at the Ending |
$131,000 |
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