1) At the starting of the year, New Wave Company's liabilities equal $60,000. In the year, assets increase by $80,000, and at year-end assets equal $180,000. Liabilities decrease $10,000 in the year. Compute the beginning and ending amounts of equity?
2) Find out the missing amount from each of the separate situations a, b, and c below.
| |
Assets
|
=
|
Liabilities
|
+
|
Equity
|
|
a.
|
|
=
|
$30,000
|
+
|
$65,000
|
|
b.
|
$89,000
|
=
|
$22,000
|
+
|
?
|
|
c.
|
$132,000
|
=
|
?
|
+
|
$20,000
|