E1-31B. (Learning Objective 3: Applying the accounting equation) Answer these questions about two companies. 1. Emerald Cruises
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E1-31B. (Learning Objective 3: Applying the accounting equation) Answer these questions about two companies.
1. Emerald Cruises began the year with total liabilities of €80,000 and total shareholders’ equity of €45,000. During the year, total assets increased by 25%. How much are total assets at the end of the year?
2. Starjet Airlines Ltd. began the year with total assets of €75,000 and total liabilities of
€50,000. Net income for the year was €24,000, and dividends were €6,000. How much is shareholders’ equity at the end of the year?
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Related Book For 
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
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