Puffin Co.began the year with assets of $120,000 and liabilities of $90,000.During the year assets increased by $14,400 and liabilities decreased by $10,800. What is the amount of Puffin's stockholders' equity at the beginning of the year?

Question

Quizplus · Accepted Answer

Assets = Liabilities + Stockholders' Equity
Stockholders' Equity = Assets − Liabilities
= $120,000 − $90,000 = $30,000

Puffin Cobegan the Year with Assets of $120,000 and Liabilities of of $90,000.During