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Finore Manufacturing has the following amounts on its 12/31/14 balance sheet. Cash $150 Other current assets 397 Property, plant, & equipment, net of depreciation 538 Current liabilities 324 Total Liabilities 504 What was Finore Manufacturing’s equity as on December 31, 2014?

Respuesta :

Answer:

$581

Explanation:

The accounting equation gives the relationship between elements of the balance sheet as

Assets = Liabilities + Equity

Given that for Finore Manufacturing on 12/31/14, it's balance sheet

Cash = $150

Other current assets = $397

Property, plant, & equipment, net of depreciation = $538

Current liabilities = $324

Total Liabilities = $504

Hence, total assets = $150 + $397 + $538

= $1085

Finore Manufacturing’s equity as on December 31, 2014

= $1085 - $504

= $581

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