At the beginning of the year, the Thomas Lighting Company had total assets of $89,000 and total

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At the beginning of the year, the Thomas Lighting Company had total assets of $89,000 and total liabilities of $22,000. During the year, the total assets increased by $16,000. At the end of the year, owner’s equity totaled $84,000.

Required: Determine (1) the owner’s equity at the beginning of the year and (2) the total liabilities at the end of the year. lo7

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