Question: Kablossom started business in 2013 with total assets of 35 000

Kablossom started business in 2013 with total assets of $35,000 and total liabilities of $32,000. At the end of 2013, Kablossom’s total assets were $65,000, and total liabilities were $20,000.
After analyzing the data, answer the following questions:
1. What was the amount of the increase or decrease in shareholders’ equity?
2. Identify three possible reasons for the change in shareholders’ equity during the year.

View Solution:


Sale on SolutionInn
Sales0
Views71
Comments
  • CreatedJuly 08, 2015
  • Files Included
Post your question
5000