At the beginning of the year, Ortiz Company had total assets of $900,000 and total liabilities of $440,000. Answer the following questions.

a. If total assets decreased by $100,000 during the year and total liabilities increased by $80,000 during the year, what is the amount of owner's equity at the end of the year?

b. During the year, total liabilities decreased by $100,000 and owner's equity increased by $200,000. What is the amount of total assets at the end of the year?

c. If total assets increased by $50,000 during the year and owner's equity increased by $60,000 during the year, what is the amount of total liabilities at the end of the year?

Answer rating: 100% (QA)

In the books of Ortiz Company Assets 900000 Less Liabilities 440000 Own... View the full answer