Use the following information as of December 31 to determine equity. $$\begin{array} { l r }
\text { Cash } & \$ 57,000 \
\text { Buildings } & 175,000 \
\text { Equipment } & 206,000 \
\text { Liabilities } & 141,000
\end{array}$$
A) $141,000.
B) $579,000.
C) $297,000.
D) $438,000.
E) $57,000.

Question

Use the following information as of December 31 to determine equity. $$\begin{array} { l r } 
\text { Cash } & \$ 57,000 \
\text { Buildings } & 175,000 \
\text { Equipment } & 206,000 \
\text { Liabilities } & 141,000
\end{array}$$
A) $141,000.
B) $579,000.
C) $297,000.
D) $438,000.
E) $57,000.

Quizplus · Accepted Answer

Equity is calculated as Total Assets minus Liabilities. Total Assets = Cash + Buildings + Equipment = $57,000 + $175,000 + $206,000 = $438,000. Equity = $438,000 - $141,000 = $297,000.

Use the Following Information as of December 31 to Determine