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Thomas Repair Services has total assets for the year of $32,600 and total liabilities of $19,800. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $8,700 and equity decreased by $4,200, what would be the amount of total liabilities for Thomas Repair Services?

Thomas Repair Services has total assets for the year of $32,600 and total liabilities of $19,800. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $8,700 and equity decreased by $4,200, what would be the amount of total liabilities for Thomas Repair Services?

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 63P: Mike Sanders is considering the purchase of Kepler Company, a firm specializing in the manufacture...
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What would be the amount of total liabilities.

Thomas Repair Services has total assets for the year of $32,600 and total liabilities of $19,800. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $8,700 and equity decreased by $4,200, what would be the amount of total liabilities for Thomas Repair Services?
Transcribed Image Text:Thomas Repair Services has total assets for the year of $32,600 and total liabilities of $19,800. A) Use the accounting equation to solve for equity. B) If next year's assets increased by $8,700 and equity decreased by $4,200, what would be the amount of total liabilities for Thomas Repair Services?
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