Question

At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions.
(a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner’s equity at the end of the year?
(b) During the year, total liabilities increased $100,000 and owner’s equity decreased $70,000. What is the amount of total assets at the end of the year?
(c) If total assets decreased $80,000 and owner’s equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?



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  • CreatedMarch 02, 2015
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