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Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $196,000 and its equity
Answer the following questions. Hint. Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $196,000 and its equity is $147,000. During the year, assets increase $80,000 and liabilities increase $60,000. What is the equity at year-end? b. Office Store Company has assets equal to $227,000 and liabilities equal to $194,000 at year-end. What is the equity for Office Store Company at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $70,000. During the year, assets increase by $60,000, and at year- end assets equal $190,000. Liabilities decrease $15,000 during the year. What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required C At the beginning of the year, Quaker Company's liabilities equal $70,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $15,000 during the year. What are the beginning and ending amounts of equity? Assets Liabilities Equity Beginning Change Ending 60,000 70,000 + (15,000) + 190,000
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