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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