At the beginning of the year, XYZ Corporation's liabilities equal $90,000. During the year, assets increased by $120,000, and at the end of the year, assets equal $350,000. Liabilities decrease by $30,000 during the year. Calculate the amount of equity at the end of the year.

At the beginning of the year, XYZ Corporation's liabilities equal $90,000. During the year, assets increased by $120,000, and at the end of the year, assets equal $350,000. Liabilities decrease by $30,000 during the year. Calculate the amount of equity at the end of the year.

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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At the beginning of the year, XYZ Corporation's liabilities
equal $90,000. During the year, assets increased by
$120,000, and at the end of the year, assets equal
$350,000. Liabilities decrease by $30,000 during the year.
Calculate the amount of equity at the end of the year.

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