Determining Total Assets, Total Liabilities From a Financial Statement with Missing Values

Question

I at a loss trying to figure out the total assets and liabilities from what is given.

                        K-Os Corporation    

Beginning of year
Total assets $66,410 Total liabilities 31,080 Total shareholders’ equity 35,330 End of year Total assets $[1]
Total liabilities 65,090
Total shareholders’ equity [9]
Changes during year in shareholders’ equity
Issue of shares 4,130
Dividends 13,640
Total revenues 54,610
Total expenses 40,410

Answer 1

Hint: Remember the formula: assets = liabilities + equity

Then note you have been given four items that change equity. So you need to figure out the sign of the change for each of the four items to get equity, and then apply the formula to get assets.