At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owners equity at the end of the year? (b) During the year, total liabilities increased $100,000 and owners equity
Chapter 1, Brief Exercises #3
At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions.
(a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner’s equity at the end of the year?
(b) During the year, total liabilities increased $100,000 and owner’s 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 owner’s equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?
(a) If total assets increased $150,000 during the year and total liabilities decreased $60,000, what is the amount of owner’s equity at the end of the year?
(b) During the year, total liabilities increased $100,000 and owner’s 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 owner’s equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?
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Related Book For 
Accounting Principles
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
ISBN: 978-1118875056