I want assistance answering the given questions. (Hint: Use the accounting equation.)
Q1. Fong's Medical Supplies has assets equal to $123,000 and liabilities equal to $53,000 at year-end. What is the total equity for Fong's business at year-end?
Q2. At the beginning of the year, Beyonce Company's assets are $200,000 and its equity is $150,000. During the year, assets increase $70,000 and liabilities increase $30,000. What is the equity at the end of the year?
Q3. At the beginning of the year, New Wave Company's liabilities equal $60,000. During the year, assets increase by $80,000, and at year-end assets equal $180,000. Liabilities decrease $10,000 during the year. What are the beginning and ending amounts of equity?