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At the beginning of the year, Phoenix Company had total assets of $480,000 and total liabilities of $192,000. If total assets increased by $150,000 during the year, and total liabilities decreased by $32,000, what is the amount of owner's equity at the end of the year?

At the beginning of the year, Phoenix Company had total assets of $480,000 and total liabilities of $192,000. If total assets increased by $150,000 during the year, and total liabilities decreased by $32,000, what is the amount of owner's equity at the end of the year?

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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At the beginning of the year, Phoenix Company had total assets of $480,000 and total liabilities of $192,000. If total assets increased by $150,000 during the year, and total liabilities decreased by $32,000, what is the amount of owner's equity at the end of the year?
Transcribed Image Text:At the beginning of the year, Phoenix Company had total assets of $480,000 and total liabilities of $192,000. If total assets increased by $150,000 during the year, and total liabilities decreased by $32,000, what is the amount of owner's equity at the end of the year?
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