Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000.
Using this information and the accounting equation, answer each of the following independent questions.
1. What was the amount of Ginger's owners' equity at the beginning of the year?
2. If Ginger's total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Ginger's owners' equity at the end of the year?
3. If Ginger's total liabilities increased by $33,000 and its owners' equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year?
4. If Ginger's total assets doubled to $1,000,000 and its owners' equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
During its most recent fiscal year, Raphael Enterprises sold 340,000 electric screwdrivers at a price of $19.20 each. Fixed costs amounted to $1,156,000 and pretax income was $1,496,000.
Answers (1)
The Target Corporation purchased a larger freezer to hold its frozen foods and frozen desserts that it sells on a regular basis. The cost of the equipment was $50,000 and is expected to be useful for only 10 years.
Answers (1)
Select all that apply. A primary incentive for entrepreneurs is 1: Profit 2: A skill and happy workforce 3: Notoriety 4: Seeing an idea come into being 5: Paying taxes
Answers (1)
A standard which represents an efficient level of performance that is attainable under expected operating conditions is called a (n) a. ideal standard. b. loose standard. c. tight standard. d. normal standard.
Answers (1)
If the contribution margin is not sufficient to cover fixed expenses:Multiple Choicevariable expenses equal contribution margin. contribution margin is negative. a loss occurs. total profit equals total expenses.
Answers (1)
New Questions in Business
Interest groups ___. Are most often set up by or work for elites and corporations Work to influence laws and policies Work to influence court rulings All of these answers
Answers (1)
What if the tile work had proceeded as contracted and looked good, but STR refused to pay, saying it didn't meet their personal satisfaction (even though the contract didn't mention this option). Could STR refuse to pay?
Answers (1)
You want to create a slide that lists the pros and cons of using cloud storage as part of your presentation on business technology. Which pre-set layout would you want to use? A. Content with caption B. Title only C.
Answers (2)
Two or more products are produced using limited resources. The firm would like to determine how many units of each product it should produce to maximize overall profit given its limited resources.
Answers (1)
1. Calculate owners' equity. Doughnut Company shows $130,000 worth of assets on its December 31, 2009, balance sheet. If total liabilities are $55,800, what is the amount of owners' equity?
Answers (1)