Solution-Calculate the ending equity

Calculate the ending equity

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Reference no: EM133060752

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Q1. Flitter reported net income of $23,500 for the past year. At the beginning of the year the company had $212,000 in assets and $62,000 in liabilities. By the end of the year, assets had increased to $312,000 and liabilities were $87,000. Calculate its return on assets?

a. 26.0%.

b. 35.7%.

c. 7.5%.

d. 9.0%.

e. 11.1%.

Q2. Savvy Sightseeing had beginning equity of $82,000; revenues of $120,000, expenses of $75,000, and withdrawals by owners of $10,000. Calculate the ending equity.

a. $37,000.

b. $27,000.

c. $127,000.

d. $45,000.

e. $117,000.

Reference no: EM133060752

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Calculate the ending equity

Reference no: EM133060752

Reference no: EM133060752

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