Question
The Accounting Equation These are just practice questions but I am stuck on 3/4. the questions math continue off the last one so keep that
The Accounting Equation
These are just practice questions but I am stuck on 3/4. the questions math continue off the last one so keep that in mind. please leave all the equations written out so I may study them.
Ginger Enterprises began the year with total assets of $470,000 and total liabilities of $249,000. 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?
221,000 (CORRECT)
2. If Ginger's total assets increased by $75,000 and its total liabilities increased by $56,000 during the year, what was the amount of Ginger's owners' equity at the end of the year?
240,000 (CORRECT)
3. If Ginger's total liabilities decreased by $32,000 and its owners' equity increased by $51,000 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 $940,000 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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