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    balvinder123's Avatar
    balvinder123 Posts: 5, Reputation: 1
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    #1

    Sep 15, 2013, 06:14 PM
    accounting help forum
    At the beginning of the year, Lam Ltd. Had total assets of $815,510 and total liabilities of $519,760.

    If Lam’s total assets decreased by $81,240 during the year and shareholders’ equity increased by $119,450, what is the amount of total liabilities at the end of the year?

    I tried everything to solve this question but I just can't get it right.. I have tried the formula A=L+OE in every combination but I still get it wrong please help thanks.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Sep 15, 2013, 06:29 PM
    The equation is assets - liabilities = equity therefore you have to fill in the missing numbers
    815510-519760=295750
    (815510-81240) 734270-(519760-200690) 319070=(295750+119450) 415200
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