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At the beginning of the year, Dubai Company had total assets of $377,000 and total liabilities of $133,500. If total assets increased by $123,000 during the year, and total liabilities decreased by $48,600, what is the amount of owner's equity at the end of the year?

At the beginning of the year, Dubai Company had total assets of $377,000 and total liabilities of $133,500. If total assets increased by $123,000 during the year, and total liabilities decreased by $48,600, what is the amount of owner's equity at the end of the year?

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 year

At the beginning of the year, Dubai Company had total assets of $377,000 and total liabilities of $133,500. If total assets increased by $123,000 during the year, and total liabilities decreased by $48,600, what is the amount of owner's equity at the end of the year?
Transcribed Image Text:At the beginning of the year, Dubai Company had total assets of $377,000 and total liabilities of $133,500. If total assets increased by $123,000 during the year, and total liabilities decreased by $48,600, what is the amount of owner's equity at the end of the year?
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