Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $251,000 and its equity is $188,250. During the year, assets increase $80,000 and liabilities increase $53,000. What is the equity at year-end? b. Office Store Company has assets equal to $197,000 and liabilities equal to $171,000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $57,000. During the year, assets increase by $60,000, and at year- end assets equal $190,000. Liabilities decrease $8,000 during the year. What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required C At the beginning of the year, Addison Company's assets are $251,000 and its equity is $188,250. During the year, assets increase $80,000 and liabilities increase $53,000. What is the equity at year-end? Beginning Change Ending Assets $ 251,000 = 80,000 = Liabilities + + $ 53,000 + + Equity 188,250
Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $251,000 and its equity is $188,250. During the year, assets increase $80,000 and liabilities increase $53,000. What is the equity at year-end? b. Office Store Company has assets equal to $197,000 and liabilities equal to $171,000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $57,000. During the year, assets increase by $60,000, and at year- end assets equal $190,000. Liabilities decrease $8,000 during the year. What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required C At the beginning of the year, Addison Company's assets are $251,000 and its equity is $188,250. During the year, assets increase $80,000 and liabilities increase $53,000. What is the equity at year-end? Beginning Change Ending Assets $ 251,000 = 80,000 = Liabilities + + $ 53,000 + + Equity 188,250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Answer the following questions. Hint. Use the accounting equation.
a. At the beginning of the year, Addison Company's assets are $251,000 and its equity is $188,250. During the year, assets increase
$80,000 and liabilities increase $53,000. What is the equity at year-end?
b. Office Store Company has assets equal to $197,000 and liabilities equal to $171,000 at year-end. What is the equity for Office Store
Company at year-end?
c. At the beginning of the year, Quaker Company's liabilities equal $57,000. During the year, assets increase by $60,000, and at year-
end assets equal $190,000. Liabilities decrease $8,000 during the year. What are the beginning and ending amounts of equity?
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
At the beginning of the year, Addison Company's assets are $251,000 and its equity is $188,250. During the year, assets
increase $80,000 and liabilities increase $53,000. What is the equity at year-end?
Beginning
Change
Ending
$
Assets
=
251,000 =
80,000 =
||
Liabilities +
+
53,000 +
+
Equity
$ 188,250
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