I just want to verify that my answers are correct Office Mart has assets equal t

Question

I just want to verify that my answers are correct

Office Mart has assets equal to $123,000 and liabilities equal to $53,000 at year-end. What is the total equity for Office Mart at year-end? At the beginning of the year. Logan Company's assets are $200,000 and its equity is $150,000. During the year, assets increase $70,000 and liabilities increase $30,000. What is the equity at the end of the year? At the beginning of the year. Keller Company's liabilities equal $60,000. During the year, assets increase by $80,000. and at year-end assets equal $180,000. Liabilities decrease $10,000 during the year. What are the beginning and ending amounts of equity

Explanation / Answer

All are correct. Assets = Liabilities + Equity, so at the beginning of the year, you had: Assets $200,000 = Liabilities? + Equity $150,000, that means liabilities at the beginning of the year were $50,000 There were movements in assets, liabilities and equity during the year, and at the end of the year, you had: Assets $270,000 = Liabilities $80,000 + Equity ? so, Equity must have been $190,000 at the end of the year

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