Addison Electronics started the year with assets of $300,000 and equity of $225,000. During the year, assets increased by $95,000, and liabilities increased by $55,000. What is Addison Electronics' equity at the end of the year?

Addison Electronics started the year with assets of $300,000 and equity of $225,000. During the year, assets increased by $95,000, and liabilities increased by $55,000. What is Addison Electronics' equity at the end of the year?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 12P: The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of...

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Question

What is the equity at the end of the year on these financial accounting question?

Addison Electronics started the year with assets of $300,000 and
equity of $225,000. During the year, assets increased by $95,000, and
liabilities increased by $55,000.
What is Addison Electronics' equity at the end of the year?

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