EX.01.235 Determine the missing amount designated for each of the following:   Assets Liabilities Owner's Equity a. $78,500 $37,600 $fill in the blank 1 b. $fill in the blank 2 $53,280 $145,000 c. $49,500 $fill in the blank 3   $34,000

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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. EX.01.235

Determine the missing amount designated for each of the following:

  Assets Liabilities Owner's Equity
a. $78,500 $37,600 $fill in the blank 1
b. $fill in the blank 2 $53,280 $145,000
c. $49,500 $fill in the blank 3   $34,000
5. EX.01.236

Use the accounting equation to answer each of the following independent questions.

a.  At the beginning of the year, Norton Company's assets were $75,000 and its owner's equity was $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner's equity at the end of the year?
$fill in the blank 1

b.  At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner's equity of $66,000. If assets increased by $10,000 and liabilities decreased by $5,000, what was the owner's equity at the end of the year?
$fill in the blank 2

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