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?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Ramses is a hiring manager who often administers a skills test during an applicant's first interview. The applicant scores well and Ramses invites him back for a second interview, where he administers the same test.
Answers (2)
Society where emphasis shifts from production of food to production of manufactured goods.
Answers (1)
The sales manager is convinced that a 11% reduction in the selling price, combined with a $70,000 increase in advertising, would increase this year's unit sales by 25%. a.
Answers (1)
What is the best conclusion that can be drawn from the information in the chart? It is too expensive for most people to buy a new home. There are additional fees and costs involved in taking out a mortgage.
Answers (1)
During August of 2011 Nickle Publishing received $24,000 for 1-year subscriptions to a new magazine. Magazines are mailed to subscribers each month, starting in September of 2011. What adjusting entry should Nickle make on Dec. 31, 2011?
Answers (1)
New Questions in Business
What is the mean, to the nearest tenth, of the numbers 22, 22, 27, 29, 30, 34, and 38? 38.9 39.0 28.9 32.0
Answers (1)
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $69,000 and $2,500, respectively. During the year Kincaid reported $180,000 of credit sales.
Answers (1)
Which action is a marketing activity?
Answers (1)
What is the evidence for the idea that american manufacturing is declining?
Answers (1)
Firms that disingenuously market products as environmentally friendly with the goal of gaining public approval and sales, rather than actually improving the environment, are guilty of greenwashing. eco-selling. eco-marketing. greener advertising.
Answers (1)