The Accounting Equation Using the accounting equation, answer each of the following independent questions. 1. Burlin Company starts the year with $100,000 in assets and $20,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners' equity at the end of the year? $ 45,000 x 2. Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $59,000, and owners' equity is $40,000. What is the amount of Chapman's assets at the beginning of the year? 30,000 x 3. During the year, the liabilities of Dixon Enterprises triple in amount. Assets at the beginning of the year amount to $50,000, and owners' equity is $19,000. What is the amount of liabilities at the end of the year? 60,000 X Feedback Check My Work 1) Assets = Liabilities + Stockholders' Equity. Determine beginning balance of stockholders' equity. Capital stock and retained earnings make up stockholders' equity. Retained earnings is increased with net income and decreased with dividends. 2) Assets = Liabilities + Stockholders' Equity. Determine ending balance of assets. Beginning balance was half of ending asset balance. 3) Assets = Liabilities + Stockholders' Equity. Determine beginning balance of liabilities. Triple liability beginning balance for ending balance