Question

During the current year, the assets of Quality Stairs increased by $175,000 and the liabilities decreased...

During the current year, the assets of Quality Stairs increased by $175,000 and the liabilities decreased by $15,000. If the owners' equity in the business is $475,000 at the end of the year, the owners' equity at the beginning of the year must have been:

$335,000.

$285,000.

$665,000.

$615,000.

what is the formula is used to get the answer?

Business   Accounting   
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Homework Answers

Answer #1

change in Equity during the year =Asset - liabilities

                  = 175000 - (-15000)

                 = 175000+15000

                = 190000 INCREASE

Equity at beginning =equity at end - change in equity

                    475000 - 190000

                      285000

correct option is "B"

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