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# Total equity for Fong's business at year-end

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I need help answering the following questions. (Hint: Use the accounting equation.)
a. Fong's Medical Supplies has assets equal to \$123,000 and liabilities equal to \$53,000 at year-end.
What is the total equity for Fong's business at year-end?

b. At the beginning of the year, Beyonce Company's assets are \$200,000 and its equity is \$150,000.
During the year, assets increase \$70,000 and liabilities increase \$30,000. What is the equity at the end of the year?

c. At the beginning of the year, New Wave Company's liabilities equal \$60,000. During the year, assets increase by \$80,000, and at year-end assets equal \$180,000. Liabilities decrease \$10,000 during the year. What are the beginning and ending amounts of equity?

#### Solution Preview

Answer the following questions. (Hint: Use the accounting equation.)

Accounting Equation is:
Assets = Liabilities + Equity

a. Fong's Medical Supplies has assets equal to \$123,000 and liabilities equal to \$53,000 at year-end.
What is the total equity for Fong's business at ...

#### Solution Summary

Response calculates the total equity for Fong's business at year-end

\$2.19