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At the beginning of the year, a company had assets of $150000 and Equity of $100000....

At the beginning of the year, a company had assets of $150000 and Equity of $100000. During the year assets increased $30000 and Liabilities increased $20000. What was Equity at the end of the year?

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Answer #1

Answer:

Beginning Total Assets = Beginning Liabilities + Beginning Equity
$150,000 = Beginning Liabilities + $100,000
Beginning Liabilities = $150,000 - $100,000
Beginning Liabilities = $50,000

Ending Total Assets = Beginning Assets + Increased Assets
Ending Total Assets = $150,000 + $30,000
Ending Total Assets = $180,000

Ending Liabilities = Beginning Liabilities + Increased Liabilities
Ending Liabilities = $50,000 + $20,000
Ending Liabilities = $70,000

Ending Total Assets = Ending Liabilities + Ending Equity
$180,000 = $70,000 + Ending Equity
Ending Equity = $180,000 - $70,000
Ending Equity = $110,000

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