Answer the following questions.
a. Office Supplies has assets equal to $137,000 and liabilities equal to $110,000 at year-end. What is the total equity for Office Supplies at year-end?
b. At the beginning of the year, Addison Company’s assets are $259,000 and its equity is $194,250. During the year, assets increase $80,000 and liabilities increase $52,643. What is the equity at the end of the year?
c. At the beginning of the year, Quasar Company’s liabilities equal $57,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $16,000 during the year. What are the beginning and ending amounts of equity?