Answer the following questions.
a. Office Store has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the total equity for Office Store at year-end?
b. At the beginning of the year, Addison Company’s assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at the end of the year?
c. At the beginning of the year, Quaker Company’s liabilities equal $70,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $5,000 during the year.
What are the beginning and ending amounts of equity?