At the beginning of the year, Al Ain Company had total assets of $1,300,000 and total liabilities
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Question:
At the beginning of the year, Al Ain Company had total assets of $1,300,000 and total liabilities of $525,000.
Required:
Answer the following questions viewing each situation as being an independent situation.
a. If total assets increased $700,000 during the year, and total liabilities decreased $187,500, what is the amount of owner's equity at the end of the year?
b. If total assets decreased $120,000 and owner's equity increased $325,000 during the year, what is the amount of total liabilities at the end of the year?
Related Book For
Financial and Managerial Accounting Information for Decisions
ISBN: 978-0078025761
6th edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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