! Required information (The following information applies to the questions displayed below.) Answer the following questions. Hint: Use the accounting equation. c. At the beginning of the year, Quaker Company's liabilities equal $60,000. During the year, assets increase by $60,000, and at year end assets equal $190,000. Liabilities decrease $7,000 during the year. What are the beginning and ending amounts of equity? Assets Equity Beginning Change Ending Liabilities $ 60,000 + (7,000) 60,000 190,000 $