At the beginning of the year, Cullumber Company had total assets of $732,000 and total liabilities of $279,000. Answer the following questions. (a) If total assets increased $139,000 during the year and total liabilities decreased $85,000, what is the amount of owner's equity at the end of the year? Owner's equity (b) During the year, total liabilities increased $110,000 and owner's equity decreased $71,000. What is the amount of total assets at the end of the year? Assets 677,00 771,000 Liabilities (c) if total assets decreased $80,000 and owner's equity increased $84,000 during the year, what is the amount of total liabilities at the end of the year? 115,00
At the beginning of the year, Cullumber Company had total assets of $732,000 and total liabilities of $279,000. Answer the following questions. (a) If total assets increased $139,000 during the year and total liabilities decreased $85,000, what is the amount of owner's equity at the end of the year? Owner's equity (b) During the year, total liabilities increased $110,000 and owner's equity decreased $71,000. What is the amount of total assets at the end of the year? Assets 677,00 771,000 Liabilities (c) if total assets decreased $80,000 and owner's equity increased $84,000 during the year, what is the amount of total liabilities at the end of the year? 115,00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Aa 77.
![At the beginning of the year, Cullumber Company had total assets of $732,000 and total liabilities of $279,000. Answer the following
questions.
(a) if total assets increased $139,000 during the year and total liabilities decreased $85,000, what is the amount of owner's equity at
the end of the year?
Owner's equity
(b) During the year, total liabilities increased $110,000 and owner's equity decreased $71,000. What is the amount of total assets at
the end of the year?
Assets
677,00
771,000
Liabilities
(c) if total assets decreased $80,000 and owner's equity increased $84,000 during the year, what is the amount of total liabilities at the
end of the year?
115,00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff7373726-0d35-46ca-aa27-97bcf9126f3a%2F13f81b93-9150-4f5c-a7bf-3866cd22fed4%2Fsggpv2g_processed.png&w=3840&q=75)
Transcribed Image Text:At the beginning of the year, Cullumber Company had total assets of $732,000 and total liabilities of $279,000. Answer the following
questions.
(a) if total assets increased $139,000 during the year and total liabilities decreased $85,000, what is the amount of owner's equity at
the end of the year?
Owner's equity
(b) During the year, total liabilities increased $110,000 and owner's equity decreased $71,000. What is the amount of total assets at
the end of the year?
Assets
677,00
771,000
Liabilities
(c) if total assets decreased $80,000 and owner's equity increased $84,000 during the year, what is the amount of total liabilities at the
end of the year?
115,00
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