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 the change in Puffin's stockholders' equity during the year?

Question

Quizplus · Accepted Answer

Beginning of year:
Change in Assets = Change in Liabilities + Change in Stockholders' Equity
Change in Stockholders' Equity = Change in Assets − Change in Liabilities
= $14,400 − ($10,800)= $14,400 + $10,800 = $25,200

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