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What was the change in liabilities during the year

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Question - At the beginning of the year Zoolander Inc. had total assets of $429,000 and total equity of $183,000.

By the end of the year Zoolander had total assets of $406,000 and total liabilities of $174,000.

During the year the business had expenses of $372,000, revenues of $423,000, and new contributions by owners of $20,000.

Solve for all the unknown numbers and answer the following questions.

What was the company's ending equity?

What was the amount of dividends paid during the year?

What was the change in liabilities during the year?

What was the company's profit for the period?

What was the company's beginning total liabilities?

Reference no: EM132721375

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