At the beginning of the year, Thomas Lighting had total assets of ($ 78000) and total liabilities

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At the beginning of the year, Thomas Lighting had total assets of $\$ 78000$ and total liabilities of $\$ 22000$. During the year, the total assets increased by $\$ 16000$. At the end of the year, owner's equity totalled $\$ 64000$.

Required:

Determine:

a the owner's equity at the beginning of the year and b the total liabilities at the end of the year.

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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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Question Posted: Mar 02, 2024 11:15 AM

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At the beginning of the year, Thomas Lighting had total assets of ($ 78000) and total liabilities

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Accounting Information For Business Decisions

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