Answer the following questions. (Hint: Use the accounting equation.)

a. Cadence Office Supplies has assets equal to $123,000 and liabilities equal to $47,000 at year-end.

What is the total equity for Cadence at year-end?

b. At the beginning of the year, Addison Company’s 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 the end of the year?

c. At the beginning of the year, Quasar Company’s 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?