Question
At the beginning of this year. Tong Company had $160,00 in liabilities. During this year. assets increased by $160,000 and at year-end they equaled $360,000.
At the beginning of this year. Tong Company had $160,00 in liabilities. During this year. assets increased by $160,000 and at year-end they equaled $360,000. Liabilities decreased $20,000 during this year. Calculate the beginning and ending values of equity.
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Financial Accounting
Authors: Kermit D. Larson, William W. Pyle
4th Edition
0256067813, 978-0256067811
