{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

# 1-3 - increase by \$60,000 and at year-end assets equal...

This preview shows page 1. Sign up to view the full content.

Page 3 of 6 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 5. award: 1 out of 1 point 6. award: 1 out of 1 point During the year, assets increase \$80,000 and liabilities increase \$52,643. What is the equity at the end of the year? Equity at the end of the year \$ 221,607 Worksheet Learning Objective: 01-A1 Learning Objective: 01-A2 (b) At the beginning of the year, Addison Company's assets are \$259,000 and its equity is \$194,250. During the year, assets increase \$80,000 and liabilities increase \$52,643. What is the equity at the end of the year? Equity at the end of the year \$ 221,607 (c) At the beginning of the year, Quasar Company's liabilities equal \$57,000. During the year, assets increase by \$60,000, and at year-end assets equal \$190,000. Liabilities decrease \$16,000 during the year. What are the beginning and ending amounts of equity? Equity at the beginning of the year \$ 73,000 Equity at the end of the year \$ 149,000 Worksheet Learning Objective: 01-A1 Learning Objective: 01-A2 (c) At the beginning of the year, Quasar Company's liabilities equal \$57,000. During the year, assets
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: increase by \$60,000, and at year-end assets equal \$190,000. Liabilities decrease \$16,000 during the year. What are the beginning and ending amounts of equity? Equity at the beginning of the year \$ 73,000 Equity at the end of the year \$ 149,000 On October 1, Keisha King organized Real Answers, a new consulting firm. On October 31, the company's records show the following items and amounts. Use this information to prepare an October income statement for the business. (Input all amounts as positive values. Omit the "\$" sign in your response.) Cash \$ 11,500 Cash withdrawals by owner \$ 2,000 Accounts receivable 12,000 Consulting fees earned 14,000 Office supplies 24,437 Rent expense 2,520 Land 46,000 Salaries expense 5,600 Office equipment 18,000 Telephone expense 760 Accounts payable 25,037 Miscellaneous expenses 580 Owner investments 84,360...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online