Chapter 1 - Exercise 2 - CengageNOW I Assignmentl Print...

Unformatted text preview:CengageNOW I Assignmentl Print Page 1 of 1 .-.___.W_.___ .... __ . _ . ._ _... _____ _ m.-. _._.__._.__.._._.__._....__', { Assignment: Chapter1 Exercise 2 E The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. 1. What was the amount of Ginger's owners' equity at the beginning of the year? $ 250000 2. If Ginger's total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Ginger's owners' equity at the end of the year? $ 113 1500 —'_—— 3. If Ginger's total liabilities increased by $33,000 and its owners' equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year? $ 'i'lS'OW 4. If Ginger's total assets doubled to $1,000,000 and its owners' equity remained the same during the year, what was the amount of its total liabilities at the end of the year? $ 000 http ://cvg.cengagenow.com/ilrn/takeAssignment/printUntakenAssignment.do ?assignment1... 8/29/2016 —————-—-—————-——————-—-_____