Ask Question
22 September, 08:44

At the beginning of a recent year, JetBlue's assets were $7,071 million and its equity was $1,757 million. During the year, assets decreased by $1 million and liabilities decreased by $132 million. What was JetBlue's equity at the end of the year?

+3
Answers (1)
  1. 22 September, 09:48
    0
    JetBlue's equity at the end of the year was $1,888 million

    Explanation:

    Basing on accounting equation:

    Total asset = Liabilities + Equity

    At the beginning of a recent year, JetBlue's liabilities = Total asset - Equity = $7,071 - $1,757 = $5,314 million.

    During the year, assets decreased by $1 million and liabilities decreased by $132 million.

    At the end of the year:

    JetBlue's assets = $7,071 - $1 = $7,070 million

    JetBlue's liabilities = $5,314 - $132 = $5,182 million

    JetBlue's equity = JetBlue's assets - JetBlue's liabilities = $7,070 - $5,182 = $1,888 million
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “At the beginning of a recent year, JetBlue's assets were $7,071 million and its equity was $1,757 million. During the year, assets ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers