Use the accounting equation to answer the following questions.

1. Pillow Ltd halved its liabilities during the year. At the beginning of the year, the amount of total assets was $80 000 and owners’ equity was $50 000. What is the amount of Pillow’s total liabilities at the end of the year?

2. Buffalo Ltd began the year with assets of $60 000 and liabilities of $25 000. Net profit for the year was $43 000. What is the amount of owners’ equity at the end of the year?

3. During the last financial year, Sparkle Industries tripled the amount of its assets. At the end of the year, total liabilities amounted to $57 000 while owners’ equity was $15 000. What was the amount of total assets at the beginning of the year?