Determine the total equity for fong''s business

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Calculation of amounts used in Accounting equation.

1). 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?

2). 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?

Reference no: EM1313725

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