I am trying to find the accurate solution to this general accounting problem with the correct explanation. Question:At the beginning of 2020, HorizonEnterprises had total assets of $720,000and total liabilities of $310,000. During theyear, total liabilities decreased by $90,000,and owner's equity increased by $70,000.Compute the amount of total assets at theend of the year.

Concept of Total Assets:Total assets represent everything a business owns that has economic value…

Answered: Question: At the beginning of 2020,…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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Question: At the beginning of 2020, Horizon Enterprises had total assets of $720,000 and total liabilities of $310,000. During the year, total liabilities decreased by $90,000, and owner's equity increased by $70,000. Compute the amount of total assets at the end of the year.