Question
At the beginning of the year Lijia Inc. had total assets of $697,000 and total liabilities of $390,000. During the year Lijia paid dividends of
At the beginning of the year Lijia Inc. had total assets of $697,000 and total liabilities of $390,000. During the year Lijia paid dividends of $11,000, had total expenses of $401,000 and earned total revenue of $512,000. At the end of the year, Lijia has total assets of $740,000 and total equity of $423,000.
Solve for all the unknown numbers and answer the following questions.
A) What was the company's beginning total equity?
B) What was the change in liabilities during the year? If your answer is a decrease in liabilities, enter your answer as a negative number.For example, if your answer is a decrease of $1,000, enter -1000 C) What were the company's ending total liabilities?
D) What was the company's profit for the year?
E) What is the total contributions by the owners during the year?
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