The Accounting Equation: The Basis for Useful Information Tang Industries reported a 100 percent increase in Owners
Question:
The Accounting Equation: The Basis for Useful Information Tang Industries reported a 100 percent increase in Owners’ equity and a 70 percent increase in total assets during the year. The balance sheet prepared by Tang at January 1 showed owners’ equity of $40,000 and total assets of
$100,000.
a. Did Tang’s liabilities increase or decrease during the year? By what amount?
b. How would information about the change in individual owners’ equity accounts assist an investor in evaluating the profitability of Tang for the year?
c. How would detailed information about the change in the individual asset and lability accounts assist an investor in evaluating the financial position of the company at December 31?
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