Question

A company reported total equity of $151,000 at the beginning of the year. The company reported $216,000 in revenues and $168,000 in expenses for the year. Liabilities at the end of the year totaled $95,000. What are the total assets of the company at the end of the year?

Answer 1

the answer is 590,000

Answer 2

Answer: the total assets are $104,000

Explanation: At the beggining the company had $151,000

Then, the company maked $216,000 in revenue and lost $168,000 in expenses. And the company also loses $95,000 in liabilities; then, the total that the company has at the end of the year is:

T = $151,000 + $216,000 - $168,000 - $95,000 = $104,000