Answer these questions about two companies: 1 Ruby Limited began the year with total liabilities of $185,000 and total shareholders' equity of $312,500 During the year, total assets increased by 14% How much are total assets at the end of the year? 2. ArticAir Associates began a year with total assets of $600,000 and total liabilities of $248,000. Net income for the year was $116,000 and no dividends were paid. How much is shareholders' equity at the end of the year? Requirement 1. Ruby Limited began the year with total liabilities of $185,000 and total shareholders' equity of $312,500. During the year, total assets increased by 14% How much are total assets at the end of the year? First compute Ruby Companies Limited's total assets at the beginning of the year. The total assets at the beginning of the year for Ruby Limited were $ During the year the total assets increased by 14% The total assets at the end of the year are $ Requirement 2. ArticAir Associates began a year with total assets of $600,000 and total liabilities of $248,000 Net income for the year was $116,000 and no dividends were paid. How much is shareholders' equity at the end of the year? Compute ArticAir Associates shareholders' equity at the beginning of the year The shareholders' equity at the beginning of the year is At the end of the year, the company has a net income of $116,000 The shareholders' equity at the end of the year is $