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Accounting question
At the beginning of the year, Morgan Company had total assets of $450,000 and total liabilities of $280,000.
If, during the year, total assets decreased by $65,000 and total stockholders' equity increased by $45,000, what is the amount of total liabilities at the end of the year? How do I answer this? |
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First you need to find beginning Owners Equity:
Assets = Liabilities + Owners Equity or Owners Equity = Assets - LIabilities Now just decrease your assets and increase your Owners Equity by the amounts given, then solve for Liabilities. Liabilities = Assets - Owners Equity |
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