Question
Ginger Enterprises began the year with total assets of $485,000 and total liabilities of $223,000. Using this information and the accounting equation, answer each of
Ginger Enterprises began the year with total assets of $485,000 and total liabilities of $223,000. Using this information and the accounting equation, answer each of the following independent questions. 1. What was the amount of Ginger's owners' equity at the beginning of the year? $ 2. If Ginger's total assets increased by $107,000 and its total liabilities increased by $81,000 during the year, what was the amount of Ginger's owners' equity at the end of the year? $ 3. If Ginger's total liabilities decreased by $29,000 and its owners' equity increased by $60,000 during the year, what was the amount of its total assets at the end of the year? $ 4. If Ginger's total assets doubled to $970,000 and its owners' equity remained the same during the year, what was the amount of its total liabilities at the end of the year? $
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