Fundamental Accounting Equation Video Lessons

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Problem: During 2002, the assets of XYZ Company increased by $70,000 and the liabilities decreased by $42,000. XYZ Company's total equity at the end of 2002 was equal to $191,000. Calculate XYZ Company's total equity at the beginning of 2002.

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During 2002, the assets of XYZ Company increased by $70,000 and the liabilities decreased by $42,000. XYZ Company's total equity at the end of 2002 was equal to $191,000.

Calculate XYZ Company's total equity at the beginning of 2002.

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What scientific concept do you need to know in order to solve this problem?

Our tutors have indicated that to solve this problem you will need to apply the Fundamental Accounting Equation concept. You can view video lessons to learn Fundamental Accounting Equation. Or if you need more Fundamental Accounting Equation practice, you can also practice Fundamental Accounting Equation practice problems.

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Our tutors rated the difficulty ofDuring 2002, the assets of XYZ Company increased by $70,000 ...as medium difficulty.