At the beginning of the year, a company had $120,000 worth of liabilities. During the year, assets increased by $160,000 and at year-end they equaled $360,000. Liabilities decreased $20,000 during the year. Calculate the beginning and ending values of equity.
What will be an ideal response?
Beginning equity = $80,000; Ending equity = $260,000
You might also like to view...
An assertive person would exhibit which of the following?
A. nervous gestures B. avoiding sustained eye contact C. keeping the stance closed D. exhibit comfortable eye contact
Manufacturers who require suppliers to meet certain environmental standards are implementing green supply chain management.
Answer the following statement true (T) or false (F)
The following data are available for the Phelps Corporation for a recent month: Product AProduct BProduct CTotalSales$150,000 $130,000 $90,000$370,000Variable expenses 91,000 104,000 27,000 222,000Contribution margin$59,000 $26,000 $63,000 148,000Fixed expenses 55,000Net operating income $93,000 The break-even sales for the month for the company is closest to:
A. $137,500 B. $203,000 C. $148,000 D. $91,667
Answer the following statements true (T) or false (F)
1) A company's fiscal year must correspond with the calendar year. 2) The time period assumption assumes that an organization's activities can be divided into specific time periods such as months, quarters, or years. 3) Interim financial statements report a company's business activities for a one-year period. 4) A fiscal year refers to an organization's accounting period that spans twelve consecutive months or 52 weeks. 5) Adjusting entries are made after the preparation of financial statements.