Question
I need help with these 2 questions about two companies: 1. On January 1, 2020, total assets for Liftoff Technologies were $125,000; on December 31,
I need help with these 2 questions about two companies:
1. On January 1, 2020, total assets for Liftoff Technologies were $125,000; on December 31, 2020, total assets were $145,000. On January 1, 2020, total liabilities were $110,000; on December 31, 2020, total liabilities were $115,000. What is the amount of the change in Liftoff Technologies shareholders' equity for 2020?
2. Shareholders' equity for Raisin Corporation on January 1, 2020 and December 31, 2020 were $60,000 and $75,000, respectively. Assets on January 1, 2020 and December 31, 2020 were $115,000 and $105,000, respectively. Liabilities on January 1, 2020 were $55,000. What is the amount of liabilities on December 31, 2020?
Please help me because I am so confused
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