At the beginning of the year, Gonzales Company SLU had total assets of €870,000 and total liabilities of €500,000. Answer the following questions. (a) If total assets increased €150,000 during the year and total liabilities decreased €80,000, what is the amount of equity at the end of the year? (b) During the year, total liabilities increased €100,000 and equity decreased €55,000. What is the amount of total assets at the end of the year? (c) If total assets decreased €80,000 and equity increased €120,000 during the year, what is the amount of total liabilities at the end of the year?
At the beginning of the year, Gonzales Company SLU had total assets of €870,000 and total liabilities of €500,000. Answer the following questions. (a) If total assets increased €150,000 during the year and total liabilities decreased €80,000, what is the amount of equity at the end of the year? (b) During the year, total liabilities increased €100,000 and equity decreased €55,000. What is the amount of total assets at the end of the year? (c) If total assets decreased €80,000 and equity increased €120,000 during the year, what is the amount of total liabilities at the end of the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. At the beginning of the year, Gonzales Company SLU had total assets of €870,000
and total liabilities of €500,000. Answer the following questions.
(a) If total assets increased €150,000 during the year and total liabilities decreased
€80,000, what is the amount of equity at the end of the year?
(b) During the year, total liabilities increased €100,000 and equity decreased €55,000.
What is the amount of total assets at the end of the year?
(c) If total assets decreased €80,000 and equity increased €120,000 during the year, what
is the amount of total liabilities at the end of the year?
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