Homework Answers
Q 1) Answer: $282,000
Calculations:
| Total Equity, Beginning | $145,000 |
| Add: Revenues | $210,000 |
| (Less): Expenses | ($165,000) |
| Total Equity, Ending | $190,000 |
| Add: Liabilities, Ending | $92,000 |
| Total Equity and Liabilities | $282,000 |
Total Assets = Total equity and Liabilities.
Thus, Total liabilities = $282,000
Q 2) Answer: D. Assets would increase $80,000 and Liabilities would increase $80,000
Explanation:
If cash borrowed from bank, Then Cash (Asset) increases and Notes payable (liabilities) Increases. So,
A. Assets would decrease $80,000 and Liabilities would decrease $80,000 is Incorrect
B. Assets would decreases $80,000 and equity would increase $80,000 is incorrect
C. Assets would increase $80,000 and equity would decrease $80,000 is incorrect
E. Liabilities would decrease $80,000 and equity would increase $80,000 is incorrect
D. Assets would increase $80,000 and Liabilities would increase $80,000 is Correct.
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