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A company reported total equity of $157,000 at the beginning of the year. The company reported $222,000 in revenues and $171,000 in expenses for the year. Liabilities at the end of the year totaled $98,000. What are the total assets of the company at the end of the year

Respuesta :

Answer:

$306,000

Explanation:

The computation of the total assets is shown below;

The accounting equation is

Assets = Liabilities + Equity

But before that the ending equity should be determined  

So,

Profit = Revenue - Expenses

= $222,000 - $171,000

= $51,000

Thus, equity at the end of the year is

= $157,000 + $51,000

= $208,000

Now  Assets at the end of the year are,

Assets is

= $208,000 + $98,000

= $306,000

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