(L. OBJ. 7, 10) Using the accounting equation and evaluating business performance [10 min]
Eager Beaver started 2011 with total assets of $24,000 and total liabilities of $11,000. At the end of 2011, the business’s total assets stood at $34,000, and its total liabilities were $17,000.
Requirements
1. Did the owner’s equity of Eager Beaver increase or decrease during 2011? By how much?
2. Identify two possible reasons for the change in owner’s equity during the year.
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