Chapter 1, Problem 4EYCT

Darton Enterprises had total assets of $420,000 and total liabilities of $155,000 at the beginning of the year. If total assets increased by $97,000 during the year, and total liabilities decreased by $42,000, what is the amount of owner's equity at the end of the year?

Elysian Co. acquired equipment at the beginning of the year at a cost of $825,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 5 years and an estimated residual value of $35,000. What was the depreciation for the first year?

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