Question
inger Enterprises began the year with total assets of $680,000 and total liabilities of $401,000. Using this information and the accounting equation, answer each of
inger Enterprises began the year with total assets of $680,000 and total liabilities of $401,000. 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 $116,000 and its total liabilities increased by $79,000 during the year, what was the amount of Ginger's owners' equity at the end of the year? $
3. If Ginger's total liabilities increased by $52,000 and its owners' equity decreased by $64,000 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 $1,360,000 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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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
