Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000.Using this information
Question:
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 $77,000during 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 $58,000during 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?
Step by Step Answer:
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1285183237
9th edition
Authors: Gary A. Porter, Curtis L. Norton