SOLVING THE ACCOUNTING EQUATION - 10 POINTS State the Accounting Equation and use as a guide to complete the problems below: Solve for the missing value REQUIRED: USE THE EXPLANATIONS PROVIDED TO SHOW THE ACCOUNTING EQUATION AT THE BEGINNING OF THE YEAR, CHANGES DURING THE YEAR, AND THE ENDING BALANCES. THERE WILL BE 9 AMOUNTS TO COMPLETE FOR EACH DESCRIPTION At the beginning of the year, Always Balance Inc has liabilities equal $150,000. During the year, assets increase by $90,000 and equal $340,000 at the end of the year. Liabilities increase $40,000 during the year. If it } At the beginning of the year, Lovin' SOCAL Inc assets are $300,000 and its equity is $100,000. During the year, assets decrease $20,000 and liabilities decrease by $5,000. } } Financial S125,000 in the year. Financial Matters Company, began the year with $125,000 in liabilites and equity combined. During the year, assets increased $75,000 and liabilities increased $70,000. At year-end, the owner's claim on assets was $62,500. Page 15 SOLVING THE ACCOUNTING EQUATION - 10 POINTS State the Accounting Equation and use as a guide to complete the problems below: Solve for the missing value REQUIRED: USE THE EXPLANATIONS PROVIDED TO SHOW THE ACCOUNTING EQUATION AT THE BEGINNING OF THE YEAR, CHANGES DURING THE YEAR, AND THE ENDING BALANCES. THERE WILL BE 9 AMOUNTS TO COMPLETE FOR EACH DESCRIPTION At the beginning of the year, Always Balance Inc has liabilities equal $150,000. During the year, assets increase by $90,000 and equal $340,000 at the end of the year. Liabilities increase $40,000 during the year. At the beginning of the year, Lovin' SOCAL Inc assets are $300,000 and its equity is $100,000. During the year, assets decrease $20,000 and liabilities decrease by $5,000. Financial Matters Company, began the year with $125,000 in liabilites and equity combined. During the year, assets increased $75,000 and liabilities increased $70,000. At year-end, the owner's claim on assets was $62,500. Page 15