The amount of equity at the beginning of the year for Company A is $30,500.
The amount of equity at the end of the year for Company A is $24,500.
The amount of liabilities at the end of the year for Company A is $33,500.
What are the company's equity?
According to the accounting equation: Equity = Assets - liabilities
Beginning of the year equity = $55,000 - $24,500 = $30,500
End of the year equity = beginning equity + net income + stock issuances - cash dividends
$30,500 - 8,500 + 6000 - 3,500 = $24,500
Ending liabilities = ending assets - ending equity
$58,000 - 24,500 = $33,500
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