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At the beginning of the year, Gonzales Company had total assets of $882,000 and total liabilities of $500,000. Answer the following independent questions.

(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner's equity at the end of the year?

(b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000 What is the amount of total assets at the end of the year?

(c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402895

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