Beginning assets were $437,600,beginning liabilities were $262,560,common stock issued during the year totaled $45,000,revenue for the year was $414,250,expenses for the year were $280,000,dividends declared were $22,700,and ending liabilities were $350,000. What was the beginning equity for the year?
A)$700,160
B)$787,600
C)$187,600
D)$612,560
E)$175,040

Question

Quizplus · Accepted Answer

Beginning equity is calculated as beginning assets minus beginning liabilities: $437,600 - $262,560 = $175,040.

Beginning Assets Were $437,600,beginning Liabilities Were $262,560,common Stock Issued During