At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300.00O. Answer the following questions. ta) If total assets increased $150.000 during the year and total liabilities decreased $60,000. what is the amount of ownerls equity at the end of the year? Owner's equity $. (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? Assets (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at: the end of the year? Liabilities $
At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300.00O. Answer the following questions. ta) If total assets increased $150.000 during the year and total liabilities decreased $60,000. what is the amount of ownerls equity at the end of the year? Owner's equity $. (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? Assets (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at: the end of the year? Liabilities $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of $300,00O. Answer the following
questions.
(a) If total assets increased $150.000 during the year and total liabilities decreased $60,0000. what is the amount of ownerls equity at
the end of the year?
Owner's equity
$.
(b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at
the end of the year?
Assets
(C) If total assets decreased $80,000 and owner's equity increased $120.000 during the year, what is the amount of total liabilities at
the end of the year?
Liabilities $
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