Question

NMENT RCES Brief Exercise 1-03 At the beginning of the year, Gilles Company had totales of $500,000 and total e s of $300,000. Answer the following independent Questions (a) totales increased 5150,000 during the art dec 000, what the amount of owner's equity at the end of the year Exercise 10 Owner's equity s (b) During the year, totallaties increased 5100 000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? ELO UF Exerce 1-07 ef Exec10 ef Exerche 1.11 Totalsts (c) If total assets decreased 50,000 and owner's equity increased $120,000 during the year what is the amount of total abilities at the end of the year? e 10 1:05 1-10 Tote 3 Click if you would like to show Work for this questions OpenS W R

Answer 1

Total Assets = Total Liabilities + Owner's Equity Total Assets less: Total Liabilities Owner's Equity $ 8,00,000 $ 3,00,000 $ 5,00,000 Case a. Total Assets ($800,000+ $150,000) less: Total Liabilities ($300,000 - $60,000) Owner's Equity $ 9,00,000 $ 2,40,000 $ 6,60,000 Case b. Total Liabilities ($300,000+ $100,000) $ 4,00,000 Add: Owner's Equity ($500,000 + $70,000) $ 5,70,000 Total Assets $ 9,70,000 Case c. Total Assets ($800,000 - $80,000) $ 7,20,000 less: Owner's Equity ($500,000+ $120,000) $ 6,20,000 Total Liabilities $ 1,00,000

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