During 2021, the assets of Harbor Coast Inc. increased by $45,000, and the liabilities increased by $18,000. If the owners' equity in Harbor Coast is $130,000 at the end of 2021, what was the owner's equity at the beginning of 2021?

During 2021, the assets of Harbor Coast Inc. increased by $45,000, and the liabilities increased by $18,000. If the owners' equity in Harbor Coast is $130,000 at the end of 2021, what was the owner's equity at the beginning of 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6P

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How can I solve this financial accounting problem using the appropriate financial process?

During 2021, the assets of Harbor Coast Inc. increased by
$45,000, and the liabilities increased by $18,000.
If the owners' equity in Harbor Coast is $130,000 at the
end of 2021, what was the owner's equity at the
beginning of 2021?

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