Answer these questions about two companies. 1. Diamond, Inc., began the year with total liabilities of $95,000

Question:

Answer these questions about two companies.
1. Diamond, Inc., began the year with total liabilities of $95,000 and total stockholders’ equity of $35,000. During the year, total assets increased by 5%. How much are total assets at the end of the year?
2. NorthWest Airlines Ltd. began the year with total assets of $100,000 and total liabilities of $52,000. Net income for the year was $27,000, and dividends were zero. How much is stockholders’ equity at the end of the year?