# G The shareholders’ equity of Diakovsky Company at the beginning and end of 20X6 totaled $16,000 and$21,000, respectively. Assets

G The shareholders' equity of Diakovsky Company at the beginning and end of 20X6 totaled $16,000 and$21,000, respectively. Assets at the beginning of 20X6 were $25,000. If Diakovsky Company's liabilities increased by$8,000 in 20X6, how much were total assets at the end of 20X6

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Explanation:

Computing the beginning liabilities of the company by using the accounting equation as:

Assets = Liabilities + Shareholders' Equity

where

Beginning assets amounts to $25,000 Beginning shareholders' equity amounts to$16,000

Putting the values above:

$25,000 = Liabilities +$16,000

$25,000 -$16,000 = Liabilities

Liabilities = $9,000 So, beginning liability amounts to$9,000

Now, computing the ending assets by using the accounting equation as:

Assets = Liabilities + Shareholders' Equity

where

Ending shareholders' equity amounts to $21,000 Ending liabilities amounts to$17,000 as ending liability increase by $8,000. So,$8,000 + $9,000 which equals to$17,000

Putting the values above:

= $17,000 +$21,000

= $38,000 Therefore, ending assets amounts to$38,000

3. xcoder3957 says:

$38,000 Explanation: The accounting equation shows the relationship between the various elements of the balance sheet which are assets, liabilities and equity. The equation is as shown below; Assets = Liabilities + Equity At the beginning of 20x6$25,000 = liabilities + $16,000 Liabilities =$25,000 - $16,000 =$9,000

If liabilities increases by $8,000 At the end of 20x6, Liabilities =$9,000 + $8,000 =$17,000

Total Assets = $17,000 +$21,000

= \$38,000