Question

Assets totaled $24,950 and liabilities totaled $8,570 at the beginning of the year. During the year,...

Assets totaled $24,950 and liabilities totaled $8,570 at the beginning of the year. During the year, assets decreased by $3570 and liabilities increased by $2,8770

What is the amount of the change in stockholders' equity during the year?
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Answer #1

· Note:
The question states increase in liability to be “$ 2,8770”. What number is that? The comma is creating confusing.
The answer provided below has considered increase in liability to be “$ 2,877”.

· Change in Stockholder’s equity = Change in Assets – Change in liabilities
= Decrease $ 3570 – Increase $ 2877
= - 3570 – 2877
= $ 6447 Decrease in Stockholder’s Equity

Asset

Liabilities

Stockholder's Equity

Beginning

$24,950

$8,570

$16,380

Increase (Decrease)

($3,570)

$2,877

($6,447)

Ending Balance

$21,380

$11,447

$9,933

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