Please help...ill rate answers.... Office Mart has assets equal to $180,000 and
ID: 2351232 • Letter: P
Question
Please help...ill rate answers....
Office Mart has assets equal to $180,000 and liabilities equal to $152,000 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 $185,000 and its equity is $138,750. During the year, assets increase $80,000 and liabilities increase $53,000. What is the equity at the end of the year?
At the beginning of the year, Keller Company's liabilities equal $75,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $20,000 during the year. What are the beginning and ending amounts of equity?
a.Office Mart has assets equal to $180,000 and liabilities equal to $152,000 at year-end. What is the total equity for Office Mart at year-end?
Explanation / Answer
a. Total equity = $180,000 -$152,000 = $28,000 b. at the beginning of year, liability = $185,000 - $138,750 = $46,250 Final asset = $80,000+ $185,000 = $265,000 Final liabilities = $53,000 + $138,750 = $191,750 Equity at the end of the year = $265,000- $191,750 = $73,250 c. At the beginning of the year, Keller Company's liabilities equal $75,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $20,000 during the year. What are the beginning and ending amounts of equity? Beginnning asset = $190,000-$60,000 = $130,000 Beginning equity = $130,000 - $75,000 = $55,000 Ending liability = $75,000 - $20,000 = $55,000 Ending equity = $190,000 - $55,000 = $135,000 Beginning equity =$55,000 Ending equity = $135,000