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At the beginning of the year, Crane Ltd. had total assets of $710,000 and total liabilities...

At the beginning of the year, Crane Ltd. had total assets of $710,000 and total liabilities of $400,000. During the year, Crane’s total liabilities decreased by $100,000. The company reported net income of $90,000, sold additional shares for $130,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year?

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Answer #1

Answer--- $830,000

Assets = Liabilities + equity

Assets

=

Liabilities

+

Equity

Beginning balances

$ 7,10,000.00

=

$    4,00,000.00

+

$ 3,10,000.00

During the year events

=

+

Decrease in total liabilities

=

$ (1,00,000.00)

+

Net income

=

+

$      90,000.00

Additional shares issued

=

+

$ 1,30,000.00

Ending balances before adjustments

$ 7,10,000.00

=

$    3,00,000.00

+

$ 5,30,000.00

Adjustment

$ 1,20,000.00

=

+

Ending balance

$ 8,30,000.00

=

$    3,00,000.00

+

$ 5,30,000.00

At the end of the year net balance in liabilities plus liabilities will be equal to total assets.

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