27 March, 17:49
Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000.
Using this information and the accounting equation, answer each of the following independent questions.
1. What was the amount of Ginger's owners' equity at the beginning of the year?
2. If Ginger's total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Ginger's owners' equity at the end of the year?
3. If Ginger's total liabilities increased by $33,000 and its owners' equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year?
4. If Ginger's total assets doubled to $1,000,000 and its owners' equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
27 March, 18:04
We know that
Accounting equation is
Total assets = Total liabilities + Shareholder equity
1. The equity would be
= $500,000 - $250,000
2. The equity would be
Total assets = $500,000 + $100,000 = $600,000
Total liabilities = $250,000 + $77,000 = $327,000
So, the equity is
= $600,000 - $327,000
3. Total assets
Total liabilities = $250,000 + $33,000 = $263,000
Owner equity = $250,000 - $58,000
So, the total assets is
= $263,000 + $192,000
4. Total liabilities equal to
= $1,000,000 - $250,000
Know the Answer?
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» Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. 1.