Use the accounting equation to answer each question below. 1. At the beginning of the year, Fazio
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Use the accounting equation to answer each question below.
1. At the beginning of the year, Fazio Company’s assets were $45,000 and its stockholders’ equity was $25,000. During the year, assets increased by $30,000 and liabilities increased by $5,000. What was the stockholders’ equity at the end of the year?
2. At the beginning of the year, Gal Company had liabilities of $50,000 and stockholders’ equity of $96,000. If assets increased by $40,000 and liabilities decreased by $30,000, what was the stockholders’ equity at the end of the year?
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Financial and Managerial Accounting
ISBN: 978-1439037805
9th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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