Question

At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities...

At the beginning of the year Unique Ltd. had total assets of $623,000 and total liabilities of $349,000.

During the year Unique collected new contributions by owners of $21,000, paid dividends of $14,000 and had total expenses of $362,000.

At the end of the year Unique has total assets of $672,000 and total equity of $377,000.

What was the company's beginning total equity?

What is the total revenues earned during the year?

What was the change in liabilities during the year?

What was the company's ending total liabilities?

What was the company's profit for the period?

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Answer #1

1) Company's beginning total equity = Assets - Liabilities = $ 623,000 - $ 349,000 = $ 274,000

2) Total revenues earned during the year = $ 458,000

Opening Equity + New Contribution + Revenue -Expenses -Dividends = Closing Equity

$ 274,000 + $ 21,000 + Revenue - $ 362,000 - $ 14,000 = $ 377,000

Revenue = $ 458,000

3) Change in liabilities during the year = $ 54,000

Working:

Change in liabilities during the year = Opening Liability - Closing Liability[Closing Assets -Closing Equity]

= $ 349,000 - [ 672000 - 377000 ] = $ 54,000

Liabilities decrease by $ 54,000

4) Company's ending total liabilities = [Closing Assets -Closing Equity] = 672000 - 377000 = $ 295,000

5) Company's profit for the period =$ 96,000

Working:

Company's profit for the period = Revenue - Expenses = $ 458,000 - $ 362,000 = $ 96,000

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