At the beginning of the year, Carla Vista Company had total assets of $897,000 and total liabilities
Question:
At the beginning of the year, Carla Vista Company had total assets of $897,000 and total liabilities of $515,000. (Treat each item independently.)
(a) If total assets increased $140,000 during the year and total liabilities decreased $84,000, what is the amount of stockholders’ equity at the end of the year?
Stockholders’ equity | 606000 |
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(b) During the year, total liabilities increased $103,000 and stockholders’ equity decreased $78,000. What is the amount of total assets at the end of the year?
Total assets | ____________ |
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(c) If total assets decreased $86,000 and stockholders’ equity increased $106,000 during the year, what is the amount of total liabilities at the end of the year?
Total liabilities | ___________ |
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Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso