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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Chapter15: Financial Statement Analysis
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Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...
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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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