Bob Auto Repairs started 2014 with total assets of $ 19,000 and total liabilities of $ 9,000.

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Bob Auto Repairs started 2014 with total assets of $ 19,000 and total liabilities of $ 9,000. At the end of 2014, Bob’s total assets stood at $ 27,000, and total liabilities were $ 13,000.

Requirements

1. Did the stockholders’ equity of Bob Auto Repairs increase or decrease during 2014? By how much?

2. Identify the four possible reasons that stockholders’ equity can change.

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Jan 16, 2015 08:31 AM

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Bob Auto Repairs started 2014 with total assets of $ 19,000 and total liabilities of $ 9,000.

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Requirement 1 Assets Liabilities Equity Beginning of 2014 19000 9000 1...View the full answer

Horngrens Financial and Managerial Accounting

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