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A company reported total equity of $185,000 at the beginning of the year. The company reported $250,000 in revenues and $185,000 in expenses for the year. Liabilities at the end of the year totaled $112,000. What are the total assets of the company at the end of the year?



Answer :

Parrain

Based on the revenue, total equity, and the ending liabilities, the total assets at the end of the year is $362,000.

What is the total assets?

First, find the ending equity:

= Opening equity + Revenue - expenses

= 185,000 + 250,000 - 185,000

= $250,000

The total assets by the accounting equation is:

Assets = Liabilities +  Equity

= 112,000 + 250,000

= $362,000

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