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Homework answers / question archive / At the beginning of a recent year, JetBlue's assets were $7,839 million and its equity was $2,529 million
At the beginning of a recent year, JetBlue's assets were $7,839 million and its equity was $2,529 million. During the year, assets increased by $821 million and liabilities increased by $140 million.
What was JetBlue's equity at the end of the year?
Let's first determine the amount of the increase in equity using the following formula.
Increase in Equity = Increase in Assets - Increase in Liabilities
=821 -140
=$681 million
Therefore the ending balance of equity is:
=Beginning balance + Increase in equity
=2,529 +681
=$3,210 million
