1) Fong's Medical Supplies has assets equal to $123,000 and liabilities equal to $53,000 at year-end. Compute the total equity for Fong's business at year-end?
2) At the beginning of the year, Beyonce Company's assets are $200,000 and its equity is $150,000. During year, assets increase $70,000 and liabilities increase $30,000. Determine the equity at the end of the year?