At the beginning of the year, kimball company had total assets of $700,000 and total liabilities of $400,000. if the total assets increased $100,000 and the total liabilities decreased $80,000, what is the amount of owner’s equity at the end of the year?

$ 480 000

Explanation:

Assets : $700 000(@ beginning of year )

$100 000 increase (during year )

700 000+100 000=$800 000(@end of year)

Liabilities : $400 000(@ begininng of year )

$80 000 decrease (@ during of year)

400 000-80 000=$320 000 (@end of year)

Asset = Equity + Liability

Amount of owner’s equity at the end of the year (let x = owners equity)

800 000= x + 320 000

x= 800 000 - 320 000=$480 000

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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