At the beginning of the year, Addison Company's assets are $255,000 and its equity is $191,250. During the year, assets increased by $80,000, and liabilities increase by $56,000. What is the equity at year-end?

At the beginning of the year, Addison Company's assets are $255,000 and its equity is $191,250. During the year, assets increased by $80,000, and liabilities increase by $56,000. What is the equity at year-end?

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...

See similar textbooks

Related questions

Q: Financial Account

A: Step 1: Information providedMaterial Cost = $5,000Labor Cost = $30,000Power = $10,000Number of ball…

Q: Find out the problem

A: Concept of Joint OperationA joint operation refers to a business activity undertaken by two or more…

Q: What was callie's gross profit?

A: Calculation of C's Gross ProfitC's Gross Profit = Net Sales - Cost of Goods Sold…

Q: General accounting

A: To calculate the Holding Period Return (HPR), use the formula.…

Q: General Accounting can you please answer?

A: Step 1: Define Variable CostingVariable Costing includes only the variable manufacturing costs in…

Q: financial accounting

A: Step 1:a. The annual financing cost is calculated as follows: Annual financing cost = Discount rate…

Q: Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree…

A: a. With the cost of goods manufactured statement, you pretty much figured out the right items and…

Q: General Accounting

A: Step 1: Formula Weighted average cost per unit = Total cost of inventory/Total units available for…

Q: General accounting

A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a profitability ratio that…

Q: Cotuit liabilities must be

A: Step 1: Formula Current liabilities = Inventory/(Current ratio - Acid test ratio) Step 2:…

Q: Equipment $957,500

A: Explanation of Straight-Line Depreciation:Straight-line depreciation is a method used to allocate…

Q: Gross margin for August? General accounting

A: Step 1: Definition of Gross MarginGross margin is the difference between sales revenue and cost of…

Q: Problem: 7.4

A: Step 1: Analysis of information givenCost of Goods Sold = $424,000Beginning Finished Goods Inventory…

Q: Hi expert please give me answer general accounting question

A: Given:Final Value = $54Initial Value = $50Dividend = $2.50 Rate of Return = ((Final Value - Initial…

Q: General Accounting

A: a) To find stockholder's equity, let's identify and sum all the equity accounts:Common stock:…

Q: None

A: 1. Calculate Goods Available for Sale at Cost:Beginning Inventory (at cost): $31,280Purchases (at…

Q: Calculate the gross profit for jonas company

A: Step 1: Definition of Gross ProfitGross profit refers to the difference between net sales and the…

Q: Give the ending balance

A: Concept of Beginning BalanceThe beginning balance refers to the amount of money or outstanding debt…

Q: Please solve this question general Accounting

A: Step 1: Define Gross ProfitThe gross profit of a company is typically different from that of net…

Q: None

A: The rate of return can be calculated using the formula: Rate of Return = Final Value - Initial Value…

Q: Compute the following ratios for this using. General accounting

A: Step 1: Define Du-Pont AnalysisDu-Pont analysis is used to understand the Return on Equity (ROE) of…

Q: GENERAL ACCOUNTING

A: Step 1:The predetermined overhead rate is the rate used to allocate the manufacturing overhead to…

Q: General accounting

A: To determine the APR (Annual Percentage Rate) from the given Effective Annual Rate (EAR), we use the…

Q: None

A: Explanation of Variable Overhead Efficiency Variance:The Variable Overhead Efficiency Variance…

Q: The variable overhead efficiency variance for September is:

A: To calculate the variable overhead efficiency variance, we use the following formula: Variable…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Acid-Test RatioThe acid-test ratio, also known as the quick ratio, measures a…

Q: provide financial account options

A: To calculate the overhead rate based on direct labor hours, we use the following formula: Overhead…

Q: Hello tutor please help me this question solution

A: The high-low method involves using the highest and lowest levels of activity to estimate variable…

Q: In a service concession arrangement, the operator recognizes? Correct option a) The infrastructure…

A: Concept of Service Concession Arrangement:A service concession arrangement involves a public sector…

Q: None

A: Step 1: Calculate Sales RevenueStep 2: Calculate Variable ExpensesStep 3: Calculate Contribution…

Q: Please need answer the financial accounting

A: Step 1: Fixed costs Fixed costs = Breakeven point x Contribution margin ratioFixed costs = $180,000…

Q: A company is considering whether to outsource its accounting function to a third-party provider.…

A: Definitions Related to the QuestionConcept of Outsourcing:Outsourcing refers to the practice of…

Q: Don't use ai

A: Explanation of Job-Order Costing:Job-order costing is a system used to assign manufacturing costs to…

Q: Question: 2.7 Bolsa Corporation produces high-quality leather belts. The company's plant in Boise…

A: Calculation of Standard Cost of LeatherStandard Cost of Leather = Units Produced x (Strips per Belt…

Q: What is the gross margin for September on these general accounting question?

A: Step 1: Define Gross MarginGross Margin is the amount remaining after subtracting the cost of goods…

Q: Problem related to Accounting

A: Option A: This option is incorrect because embedded derivatives are not always separated. Separation…

Q: Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased…

A: To determine the ending balance in Hula's Materials Inventory account, we use the following formula:…

Q: financial account solution need.

A: To calculate the standard rate per direct labor hour, we include:The basic direct labor rate.The…

Q: Equipment was acquired at the beginning

A: Step 1:The straight-line method is the easiest method to calculate the depreciation expense. It is…

Q: General Accounting Question

A: Step 1: Define Contribution Margin RatioThe contribution margin ratio represents the percentage of…

Q: I need this question answer general Accounting

A: Step 1: Define Gross ProfitGross profit refers to the income earned from business operations. The…

Q: General Accounting

A: Explanation: In the given case, it is stated that the liabilities increased by $85,000 and the…

Q: Hii accounting expert need your help to get solution

A: Explanation of Periodic Inventory System:A periodic inventory system is an inventory valuation…

Q: Financial Accounting Question

A: Given Information:Estimated Total Manufacturing Overhead = $1,200,000Estimated Direct Labor Hours =…

Q: Quick answer of this accounting questions

A: Step 1: Definition of APR (Annual Percentage Rate)The APR is the nominal annual interest rate that…

Q: Q. Financial Account

A: Step 1: Calculate the Cost-to-Retail Ratio (unchanged).At Cost:Beginning Inventory (Cost):…

Q: Hii expert please provide correct answer general accounting question

A: Step 1: Define Return on Assets (ROA) by SegmentReturn on Assets (ROA) measures how effectively a…

Q: Please provide correct option of this general accounting question

A: Step 1: Define Gross Profit MarginGross Profit Margin is the percentage of sales revenue that…

Q: Armour, Inc., an advertising agency, applies overhead to jobs on the basis of direct professional…

A: Explanation of Predetermined Overhead Rate: Predetermined Overhead Rate is a calculated rate used to…

Q: QUESTION [20] Woheno Limited manufactures men's shirts. The following information was extracted from…

A: Step 1:Calculate the marginal income per unit as follows:Marginal income per unit = Sales per unit -…

Question

What is the equity at year-end?

At the beginning of the year, Addison Company's assets are
$255,000 and its equity is $191,250. During the year, assets
increased by $80,000, and liabilities increase by $56,000.
What is the equity at year-end?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of 36.5 days (based on a 365-day year), total current assets of $810,000, and cash and marketable securities of $120,000. What were Kretovich’s annual sales?
Assuming that total assets were $8,037,000 at the beginning of the current fiscal year, determine the following: When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity % % %
What is the return on assets? General accounting
What is summits net income for the year? General accounting
What is the company's average total assets for the year on these general accounting question?
What is summits net income for the year?
If a company has average accounts receivable of $60,000 and annual sales of $720,000, what is the DSO, assuming a 360-day year?
Benson Company’s net income was $225,000 for Year 1, $243,750 for Year 2, and $293,160 for Year 3. Assume trend percentages for net income over the three-year period are computed, with Year 1 serving as the base year.The trend percentage for Year 3’s net income is: Select one: A. 117.30% B. 86.36% C. 120.92% D. 130.29%
What must have been the net income for the year?
The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $34,000; Liabilities = ?; Common Stock = $6,400; Revenue = $13,800; Dividends = $1,450; Beginning Retained Earnings = $4,450; Ending Retained Earnings = $8,400.The amount of liabilities reported on the end-of-period balance sheet was:
At the beginning of the year, Keller Company's liabilities equal $60,000. During the year, assets increase by $80,000, and at year-end assets equal $180,000. Liabilities decrease $10,000 during the year. What are the beginning and ending amounts of equity?
General accounting