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BE1.7 (LO 4) (Use accounting equation.) At the beginning of the year, Xul Ltd. had total assets of $720,000 and total liabilities of $420,000. Use this information to answer each of the following independent questions. a. If Xul's total assets increased by $250,000 during the year and total liabilities decreased by $80,000, what is the amount of shareholders' equity at the end of the year? b. During the year, Xul's total liabilities decreased by $100,000. The company reported net income of $90,000, sold additional shares for $125,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? c. If Xul's total assets decreased by $90,000 during the year and shareholders' equity increased by $120,000, what is the amount of total liabilities at the end of the year?

BE1.7 (LO 4) (Use accounting equation.) At the beginning of the year, Xul Ltd. had total assets of $720,000 and total liabilities of $420,000. Use this information to answer each of the following independent questions. a. If Xul's total assets increased by $250,000 during the year and total liabilities decreased by $80,000, what is the amount of shareholders' equity at the end of the year? b. During the year, Xul's total liabilities decreased by $100,000. The company reported net income of $90,000, sold additional shares for $125,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? c. If Xul's total assets decreased by $90,000 during the year and shareholders' equity increased by $120,000, what is the amount of total liabilities 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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BE1.7 (LO 4) (Use accounting equation.) At the beginning of the year, Xul Ltd. had total assets of $720,000 and total liabilities of $420,000. Use this information to answer each of the following independent questions. a. If Xul's total assets increased by $250,000 during the year and total liabilities decreased by $80,000, what is the amount of shareholders' equity at the end of the year? b. During the year, Xul's total liabilities decreased by $100,000. The company reported net income of $90,000, sold additional shares for $125,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? c. If Xul's total assets decreased by $90,000 during the year and shareholders' equity increased by $120,000, what is the amount of total liabilities at the end of the year?
Transcribed Image Text:BE1.7 (LO 4) (Use accounting equation.) At the beginning of the year, Xul Ltd. had total assets of $720,000 and total liabilities of $420,000. Use this information to answer each of the following independent questions. a. If Xul's total assets increased by $250,000 during the year and total liabilities decreased by $80,000, what is the amount of shareholders' equity at the end of the year? b. During the year, Xul's total liabilities decreased by $100,000. The company reported net income of $90,000, sold additional shares for $125,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? c. If Xul's total assets decreased by $90,000 during the year and shareholders' equity increased by $120,000, what is the amount of total liabilities at the end of the year?
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