At the beginning of the year, Logan Enterprises' liabilities equal $50,000. During the year, assets increase by $100,000, and at year-end assets equal $250,000. Liabilities decrease by $15,000 during the year. What are the beginning and ending amounts of equity?

At the beginning of the year, Logan Enterprises' liabilities equal $50,000. During the year, assets increase by $100,000, and at year-end assets equal $250,000. Liabilities decrease by $15,000 during the year. What are the beginning and ending amounts of equity?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 11GI

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Question

What are the beginning and ending amounts of equity on these general accounting question?

At the beginning of the year, Logan Enterprises' liabilities
equal $50,000. During the year, assets increase by
$100,000, and at year-end assets equal $250,000. Liabilities
decrease by $15,000 during the year. What are the
beginning and ending amounts of equity?

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