BE1.6 Using Excel to Determine Accounting Equation Amounts Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated. PROBLEM At the beginning of the year, Xul Ltd. had the following amounts on its statement of financial position. Use this information to answer each of the following independent questions. a. Xuls total assets increased during the year and total liabilities decreased in the following amounts. Beginning of year, total assets $720,000 Beginning of year, total liabilities 420,000 Increase in assets $250,000 Decrease in liabilities 80,000 What is the amount of shareholders equity at the end of the year? Shareholders' equity, beginning of year Shareholders' equity, end of year b. During the year, Xuls total liabilities decreased. The company reported net income, sold additional shares, and did not declare any dividends during the year. Decrease in liabilities $100,000 Net income 90,000 Issuance of shares 125,000 What is the amount of total assets at the end of the year? Shareholders' equity, end of year Total liabilities, end of year Total assets, end of year c. Xuls total assets decreased during the year and shareholders equity increased. Decrease in total assets $90,000 Shareholders' equity increase 120,000 What is the amount of total liabilities at the end of the year? Total assets, end of year Shareholders' equity, end of year Total liabilities, end of year