On January 1,Year 3,Wayfarer Co.'s assets were $240,000 and its stockholders' equity was $112,000.During the year,assets increased $12,000 and liabilities decreased $8,000.
Required:
Determine the amount of stockholders' equity at December 31,Year 3.

Question

Quizplus · Accepted Answer

The Answer of On January 1,Year 3,Wayfarer Co.'s assets were $240,000 and its stockholders' equity was $112,000.During the year,assets increased $12,000 and liabilities decreased $8,000.
Required:
Determine the amount of stockholders' equity at December 31,Year 3.