Question

At the beginning of the year, Goren Company had total assets of $800,000 and total liabilities of $500,000. (Treat each item independently.)
(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders’ equity at the end of the year?
(b) During the year, total liabilities increased $100,000 and stockholders’ 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 stockholders’ equity increased $110,000 during the year, what is the amount of total liabilities at the end of the year?



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  • CreatedApril 07, 2014
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