At the end of last year,the company's assets totaled $430,000 and its liabilities totaled $370,000.During the current year,the company's total assets increased by $29,000 and its total liabilities increased by $12,000.At the end of the current year,stockholders' equity was:

Question

Quizplus · Accepted Answer

Stockholders' equity = Assets − Liabilities
Beginning stockholders' equity = $430,000 − $370,000 = $60,000
Change in stockholders' equity = Change in assets − Change in liabilities
= $29,000 − $12,000 = $17,000
Ending stockholders' equity = Beginning stockholders' equity + Change in stockholders' equity
= $60,000 + $17,000 = $77,000

At the End of Last Year,the Company's Assets Totaled $430,000