At the beginning of the year, Morales Company had total assets
of $833,000 and total liabilities of $553,000. (Treat each item
independently.)
(a) If total assets increased $147,000 during the year and total
liabilities decreased $82,000, what is the amount of stockholders’
equity at the end of the year?
Stockholders’ equity | $enter a dollar amount |
(b) During the year, total liabilities increased $105,000 and
stockholders’ equity decreased $76,000. What is the amount of total
assets at the end of the year?
Total assets | $enter a dollar amount |
(c) If total assets decreased $88,000 and stockholders’ equity
increased $118,000 during the year, what is the amount of total
liabilities at the end of the year?
Total liabilities | $enter a dollar amount |
Total assets=Total liabilities+Total equity
Total equity at beginning=(833,000-553,000)=$280,000
a.Total assets at end=(833,000+147000)=$980,000
Total liabilities would be=(553,000-82000)=$471,000
Hence total equity would be=(980,000-471000)=$509,000
b.
Total equity would be=(280,000-76000)=$204000
Total liabilities would be=(553000+105000)=$658000
Hence Total assets would be=(204000+658000)=$862,000
c.
Total assets would be=(833,000-88000)=$745,000
Total equity would be=(280,000+118,000)=$398000
Hence total liabilities would be=$745,000-$398000
=$347,000
At the beginning of the year, Morales Company had total assets of $833,000 and total liabilities...
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