A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

Question

Quizplus · Accepted Answer

Total equity at the beginning of the year + net income for the year (revenues - expenses) = total equity at the end of the year
$145,000 + ($210,000 - $165,000) = total equity at the end of the year
$145,000 + $45,000 = total equity at the end of the year
Total equity at the end of the year = $190,000
Total assets at the end of the year = total equity at the end of the year + liabilities at the end of the year
Total assets at the end of the year = $190,000 + $92,000 = $282,000

A Company Reported Total Equity of $145,000 at the Beginning