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At the beginning of the year, Logan Company's assets are dollar 200,000 and its equity is dollar 150,000. During the year, assets increase dollar 70,000 and liabilities increase dollar 30,000. What is the equity at the end of the year?

At the beginning of the year, Logan Company's assets are dollar 200,000 and its equity is dollar 150,000. During the year, assets increase dollar 70,000 and liabilities increase dollar 30,000. What is the equity at the end of the year?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the equity at the end of the year?

At the beginning of the year, Logan Company's assets are dollar 200,000 and its equity is dollar 150,000. During the year, assets increase dollar 70,000 and liabilities increase dollar 30,000. What is the equity at the end of the year?
Transcribed Image Text:At the beginning of the year, Logan Company's assets are dollar 200,000 and its equity is dollar 150,000. During the year, assets increase dollar 70,000 and liabilities increase dollar 30,000. What is the equity at the end of the year?
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