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At the beginning of the year, Tech Innovations Inc.'s liabilities equal $120,000. During the year, assets increased by $100,000, and at the end of the year, assets equal $300,000. Liabilities decrease by $40,000 during the year. Calculate the amount of equity at the end of the year.

At the beginning of the year, Tech Innovations Inc.'s liabilities equal $120,000. During the year, assets increased by $100,000, and at the end of the year, assets equal $300,000. Liabilities decrease by $40,000 during the year. Calculate the amount of equity at the end of the year.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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Calculate the amount of equity at the end of the year on these financial accounting question

At the beginning of the year, Tech Innovations Inc.'s liabilities equal $120,000. During the year, assets increased by $100,000, and at the end of the year, assets equal $300,000. Liabilities decrease by $40,000 during the year. Calculate the amount of equity at the end of the year.
Transcribed Image Text:At the beginning of the year, Tech Innovations Inc.'s liabilities equal $120,000. During the year, assets increased by $100,000, and at the end of the year, assets equal $300,000. Liabilities decrease by $40,000 during the year. Calculate the amount of equity at the end of the year.
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