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A company has liabilities of $475,000 and equity of $925,000. What is the amount of its assets?
207. A company has assets of $500,000 and equity of $350,000. What is the amount of liabilities?
208. 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.
209. Annie's Attic has the following account balances for the dates given:
|
|
September 1 |
September 30 |
|
Cash |
$40,000 |
60,000 |
|
Accounts Receivable |
40,000 |
38,000 |
|
Accounts Payable |
6,000 |
? |
Its net income for September 1 through September 30 was $20,000 and there were no investments by the owners or dividends paid. Determine the equity at both September 1 and September 30.
Jan 28 2020 View more View Less
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