At the end of the current year,the owners' equity in Durante Co.is $360,000.During the year,the assets of the business had increased by $68,000 and the liabilities had increased by $118,000.Owners' equity at the beginning of the year must have been:
A)$410,000.
B)$310,000.
C)$546,000.
D)$174,000.

Question

Quizplus · Accepted Answer

Owners' equity at the beginning of the year = Owners' equity at the end of the year + Increase in assets - Increase in liabilities= $360,000 + $68,000 - $118,000= $410,000

At the End of the Current Year,the Owners' Equity in Durante