Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $195,000 and its equity is $146,250. During the year, assets increase $80,000 and liabilities increase $56,000. What is the equity at year-end? b. Office Store Company has assets equal to $177,000 and liabilities equal to $147,000 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 $64,000. During the year, assets increase by $60,000, and at year- end assets equal $190,000. Liabilities decrease $18,000 during the year. What are the beginning and ending amounts of equity? Complete this questlon 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 $195,000 and its equity is $146,250. During the year, assets increase $80,000 and liabilities increase $56,000. What is the equity at year-end? Assets Liabilities Equity Beginning $4 195,000 = %$4 146,250 Change 80,000 = 56,000 + Ending
Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $195,000 and its equity is $146,250. During the year, assets increase $80,000 and liabilities increase $56,000. What is the equity at year-end? b. Office Store Company has assets equal to $177,000 and liabilities equal to $147,000 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 $64,000. During the year, assets increase by $60,000, and at year- end assets equal $190,000. Liabilities decrease $18,000 during the year. What are the beginning and ending amounts of equity? Complete this questlon 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 $195,000 and its equity is $146,250. During the year, assets increase $80,000 and liabilities increase $56,000. What is the equity at year-end? Assets Liabilities Equity Beginning $4 195,000 = %$4 146,250 Change 80,000 = 56,000 + Ending
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 1-10 (Algo) Using the accounting equation LO A1
Answer the following questions. Hint. Use the accounting equation.
a. At the beginning of the year, Addison Company's assets are $195,000 and its equity is $146,250. During the year, assets increase
$80,000 and liabilities increase $56,000. What is the equity at year-end?
b. Office Store Company has assets equal to $177,000 and liabilities equal to $147,000 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 $64,000. During the year, assets increase by $60,000, and at year-
end assets equal $190,000. Liabilities decrease $18,000 during the year. What are the beginning and ending amounts of equity?
Complete this questlon 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 $195,000 and its equity is $146,250. During the year, assets
increase $80,000 and liabilities increase $56,000. What is the equity at year-end?
Assets
Liabilities
Equity
Beginning
24
195,000 =
%$4
146,250
Change
80,000 =
56,000 +
Ending
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