At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000. During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000. At the end of the year Unique has total assets of $672,000 and total equity of $377,000. Solve for all the unknown numbers and answer the following questions. What was the company's ending total liabilities? What was the company's profit for the year? What is the total revenues earned during the year?

At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000. During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000. At the end of the year Unique has total assets of $672,000 and total equity of $377,000. Solve for all the unknown numbers and answer the following questions. What was the company's ending total liabilities? What was the company's profit for the year? What is the total revenues earned during the year?

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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At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000.During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000.At the end of the year Unique has total assets of $672,000 and total equity of $377,000.What was the company's beginning total equity? What was the change in liabilities during the year? What was the company's ending total liabilities? What was the company's profit for the year? What is the total revenues earned during the year?
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