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anonymous
 4 years ago
Is this question that difficult? No one wants to help me.
At the beginning of the year, Addison Company's assets are $273,000 and its equity is $204,750. During the year, assets increase $80,000 and liabilities increase $42,000. What is the equity at the end of the year?
anonymous
 4 years ago
Is this question that difficult? No one wants to help me. At the beginning of the year, Addison Company's assets are $273,000 and its equity is $204,750. During the year, assets increase $80,000 and liabilities increase $42,000. What is the equity at the end of the year?

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anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0Hey guys, be nice please.

RagingSquirrel
 4 years ago
Best ResponseYou've already chosen the best response.0Sheesh.... i was just trying to help

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0Now, Tania, the equation you want here is AssetsLiabilities =Equity

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0So I have to subtract, correct?

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0yes. so first you want to find L1, the liabilities from the first year

barrycarter
 4 years ago
Best ResponseYou've already chosen the best response.2The company starts out with $204,750 equity, and then gains $80,000, but also loses $42,000. That's a net gain of $38,000, so the final equity is: 204,750 + 38,000 = $242,750 The original assets are not needed to solve.

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0How did you get $38,000?

barrycarter
 4 years ago
Best ResponseYou've already chosen the best response.2That's +80,000 (assets) minus 42,000 (liabilities).

anonymous
 4 years ago
Best ResponseYou've already chosen the best response.0Oh ok, I thini I got it, thanks.
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