At the beginning of the year, Goren Company had total assets of $800,000 and total liabilities of $500,000. (Treat each item independently.)

(a) If total assets increased $150,000 during the year and total liabilities decreased

$80,000, what is the amount of stockholders’ equity at the end of the year?

(b) During the year, total liabilities increased $100,000 and stockholders’ 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 stockholders’ equity increased $110,000 during the year, what is the amount of total liabilities at the end of the year?

AppendixLO1