chapter_1_exercise_2 - CengageNOW|Assignment|Print Assignment:Chapter1Exercise2 1 eBook $500,$250,000.Usingthis ,

chapter_1_exercise_2 - CengageNOW|Assignment|Print...

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5/14/2017 CengageNOW | Assignment | Print 1/1 Assignment: Chapter 1 Exercise 2 1.The Accounting EquationGinger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using thisinformation and the accounting equation, answer each of the following independent questions.1.What was the amount of Ginger's owners' equity at the beginning of the year?$_________________2.If Ginger's total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, whatwas the amount of Ginger's owners' equity at the end of the year?$_________________3.If Ginger's total liabilities increased by $33,000 and its owners' equity decreased by $58,000 during the year, whatwas the amount of its total assets at the end of the year?$_________________4.If Ginger's total assets doubled to $1,000,000 and its owners' equity remained the same during the year, what wasthe amount of its total liabilities at the end of the year?$_________________eBook

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