Question

inger Enterprises began the year with total assets of $680,000 and total liabilities of $401,000. 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?
$

2. If Ginger's total assets increased by $116,000 and its total liabilities increased by $79,000 during the year, what was the amount of Ginger's owners' equity at the end of the year?
$

3. If Ginger's total liabilities increased by $52,000 and its owners' equity decreased by $64,000 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 $1,360,000 and its owners' equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
$

Answer 1

1.
Total assets at the beginning of the year	680000
Total liabilities at the beginning of the year	401000
Owner's equity at the beginning of the year	279000
2.
Owner's equity at the beginning of the year	279000
(+) Increase in total assets during the year	116000
(-) Increase in total liabilities during the year	79000
Onwer's equity at the end of the year	316000
3.
Total assets at the beginning of the year	680000
(+) Increase in total liabilities during the year	52000
(-) Decrease in owners' equity during the year	64000
Total assets at the end of the year	668000
4.
Total assets at the end of the year	1360000
(-) Onwers' equity at the beginning of the year	279000
Total liabilities at the end of the year	1081000