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Homework answers / question archive / A company reported total equity of $159,000 at the beginning of the year
A company reported total equity of $159,000 at the beginning of the year. The company reported $224,000 in revenues and $172,000 in expenses for the year. Liabilities at the end of the year totaled $99,000.
What are the total assets of the company at the end of the year?
The total equity at the end of the year is:
| Equity at the beginning of the year | $159,000 |
| Revenues for the year | 224,000 |
| Expenses for the year | (172,000) |
| Equity at the end of the year | $211,000 |
|---|
The assets at the end of the year can now be calculated using the accounting equation:
| Total Equity | $211,000 |
| Total Liabilities | 99,000 |
| Total Assets | $310,000 |
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