Ending liabilities were $67,000,beginning equity was $87,000,common stock issued during year totaled $31,000,expenses for the year were $22,000,dividends declared totaled $13,000,ending equity for the year was $181,000,and beginning assets for the year were $222,000. What are the ending assets for the year?

Question

Quizplus · Accepted Answer

The equation to use is:
Ending Assets = Beginning Assets + Revenues - Expenses - Dividends
We have some of the given values, so we can substitute in:
67,000 + 87,000 + 31,000 - 22,000 - 13,000 = Ending Assets
Simplifying:
150,000 = Ending Assets
Therefore, the answer is D) $248,000.

Ending Liabilities Were $67,000,beginning Equity Was $87,000,common Stock Issued During