Stockholders' equity and total assets were $64,000 and $158,000 respectively at the beginning of the period. Assets increased 50% and liabilities decreased 60% during the period.

Question

Quizplus · Accepted Answer

Liabilities = Assets - Stockholders equity
($158,000 - $64,000 = $94,000)
Stockholders' equity = Assets - Liabilities
X = [($158,000 x 150%) - ($94,000 - ($94,000 x 60%))]
X = $199,400

Stockholders' Equity and Total Assets Were $64,000 and $158,000 Respectively