At the end of the current year, the equity in Durante Co. is $360,000. During the year the assets of the business had increased by $68,000, and the liabilities had increased by $118,000. Equity at the beginning of the year must have been:
A) $410,000.
B) $310,000.
C) $546,000.
D) $174,000.

Question

Quizplus · Accepted Answer

Equity at the beginning of the year = Equity at the end of the year + Increase in assets - Increase in liabilities= $360,000 + $68,000 - $118,000= $410,000

At the End of the Current Year, the Equity in Durante