The following information relates to Flower Shop. Beginning assets 850,000 Beginning liabilities 528,000 Beginning equity 322,000...
The following information relates to Flower Shop.
| Beginning assets | 850,000 |
| Beginning liabilities | 528,000 |
| Beginning equity | 322,000 |
| Sales during the year | 2,621,000 |
| Expenses (including taxes) during the year | 2,385,000 |
| Dividends during the year | 59,000 |
| Proceeds from the issuance of stock | 149,000 |
| Ending assets | 1,211,000 |
Using the accounting equation, what is the ending balance of liabilities?
Homework Answers
Ending assets = 1211000
Ending stockholder equity = Beginning equity + (Sales - Expense) - Dividends + Proceeds from issuance of stock
= 322000 + (2621000 - 2385000) - 59000 + 149000
= 648000
Ending balance of liabilities = Ending assets - Ending stockholder equity
= 1211000 - 648000
= 563000
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