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At the beginning of the fiscal yea the balance sheet showed asset of $2,475 and owners' equity of $1,216. During the year, assets increased $450 and liabilities

At the beginning of the fiscal yea the balance sheet showed asset of $2,475 and owners' equity of $1,216. During the year, assets increased $450 and liabilities

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the fiscal year, the balance sheet showed assets of $2,475 and owners' equity of $1,216. During the year, assets increased $450 and liabilities decreased $127. Liabilities at the end of the year totaled: Group of answer choices A) $450 B) $1,132 C) $1,793 D) $1,386
Transcribed Image Text:At the beginning of the fiscal year, the balance sheet showed assets of $2,475 and owners' equity of $1,216. During the year, assets increased $450 and liabilities decreased $127. Liabilities at the end of the year totaled: Group of answer choices A) $450 B) $1,132 C) $1,793 D) $1,386
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