Given :Assets-Jan.1,2015 $320 Liabilities- Jan. 1, 2015 $140 Assets-Dec. 31, 2015 $350 Revenues in 2015 $75...
Given :Assets-Jan.1,2015 $320 Liabilities- Jan. 1, 2015 $140 Assets-Dec. 31, 2015 $350 Revenues in 2015 $75 Expenses in 2015 $60 3. What are “ Liabilities” at December 31, 2015 if no withdrawals or investments were made during the year? (use the information from 2) A. $125 B. $110 C. $170 D. $155
Homework Answers
Total assets=Total liabilities+Total equity
Total equity as on Jan.1,2015 =(320-140)
=$180
Addition to retained earnings=Revenue-Expenses
=(75-60)=$15
Hence equity as on December 31, 2015=Beginning equity+Addition to retained earnings
=(180+15)=$195
Hence liabilities at December 31, 2015 =350-195
=$155
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Given :Assets-Jan.1,2015 $320 Liabilities- Jan. 1, 2015 $140
Assets-Dec. 31, 2015 $350 Revenues in 2015 $75...
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