At the Beginning of This Year, Tong Company Had $160,000

question 132

Essay

At the beginning of this year, Tong Company had $160,000 in liabilities and $200,000 in assets. During this year, assets increased by $160,000 and at year-end they equaled $360,000. Liabilities decreased $20,000 during this year. Calculate the beginning and ending values of equity.
Beginning equity = $40,000 Ending equity = $220,000
Assets = Liabilities + Equity

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Definitions:

Organizational Effectiveness

The degree to which an organization achieves its goals and meets the needs of its stakeholders through efficient use of resources.

Negative Emotions

Feelings that are generally unpleasant or undesirable, such as sadness, anger, or fear, which can negatively impact mental well-being.

Guilt

A feeling of responsibility or remorse for some offense, crime, wrong, etc., whether real or imagined.

Sadness

A human emotion characterized by feelings of disappointment, loss, or helplessness.