Exercise 1-10 (Static) Using the accounting equation LO A1

Answer the following questions. Hint: Use the accounting equation. a. At the beginning of the year, Addison Companys 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 year-end? b. Office Store Company has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Companys 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?