At the end of last year,the company's assets totalled $860,000 and its liabilities totalled $740,000.During the current year,the company's total assets increased by $58,000 and its total liabilities increased by $24,000.At the end of the current year:

Question

Quizplus · Accepted Answer

Shareholders' equity is calculated as total assets minus total liabilities. At the end of the current year, assets are $860,000 + $58,000 = $918,000 and liabilities are $740,000 + $24,000 = $764,000. Therefore, shareholders' equity is $918,000 - $764,000 = $154,000.

At the End of Last Year,the Company's Assets Totalled $860,000