At the end of the year, a business' total assets are ($ 43000) and its total owner's

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At the end of the year, a business' total assets are \(\$ 43000\) and its total owner's equity is \(\$ 22000\).

During the year, the business' liabilities decreased by \(\$ 8000\) while its assets increased by \(\$ 4000\).

Required:

Determine the business':

a ending total liabilities b beginning total assets c beginning owner's equity.

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Accounting Information For Business Decisions

ISBN: 9780170253703

2nd Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons

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