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-   -   Accounting (https://www.askmehelpdesk.com/showthread.php?t=784448)

  • Feb 14, 2014, 03:12 PM
    ncis121
    Accounting
    Beginning assets were $719,000, beginning equity was $234,500, revenue for the year was $542,000, common stock issued during the year totaled $358,000, expenses for the year were $401,500, ending equity is $770,000, and ending assets were $991,500. What are the ending liabilities for the year?
  • Feb 14, 2014, 03:15 PM
    Cat1864
    While we are happy to give guidance and help, we need to see your work or have you explain where you are having problems.

    Thank you.
  • Feb 14, 2014, 04:00 PM
    pready
    Just use the basic accounting equation, which is: Assets = Liabilities + Owners Equity.

    Since you know the ending assets and ending liabilities you can solve for ending Liabilities be rearranging the formula to: Ending Liabilites = Ending Assets - Ending Equity.

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