Chapter $1$: Homework

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Answer the following questions. Hint. Use the accounting equation.

a$.$ At the beginning of the year, Addison Company's assets are $$293,000$ and its equity is $$219,750.$ During the year, assets increase $$80,000$ and liabilities increase $$58,000.$ What is the equity at year$-$end?

b$.$ Office Store Company has assets equal to $$120,000$ and liabilities equal to $$91,000$ at year$-$end. What is the equity for Office Store Company at year$-$end?

c$.$ At the beginning of the year, Quaker Company's liabilities equal $$44,000.$ During the year, assets increase by $$60,000,$ and at year$-$end assets equal $$190,000.$ Liabilities decrease $$13,000$ during the year. What are the beginning and ending amounts of equity?

Complete this question by entering your answers in the tabs below.

Required $A$

Required $B$

Required C

At the beginning of the year, Addison Company's assets are $$293,000$ and its equity is $$219,750.$ During the year, assets increase $$80,000$ and liabilities increase $$58,000.$ What is the equity at year$-$end?

$\backslash$table$[[,$Assets,$=,$Liabilities,$+,$Equity$],[$Beginning$,$$$,293,000,=,,+,$$$,219,750],[$Change$,,80,000,=,58,000,+,,],[$Ending$,,,=,,+,,]]$

Required A

Required B