Answer these questions about two companies 1. Diamond Limited began the year with total liabilities of $155,000 and total shareholders' equity of $325,000 During the year, total assets increased by 22% How much are total assets at the end of the year? 2. GreatLakes Associates began a year with total assets of $725,000 and total liabilities of $245,000. Net income for the year was $105,000 and no dividends were paid. How much is shareholders' equity at the end of the year? Requirement 1. Diamond Limited began the year with total liabilities of $155,000 and total shareholders' equity of $325,000 During the year, total assets increased by 22% How much are total assets at the end of the year? First compute Diamond Companies Limited's total assets at the beginning of the year The total assets at the beginning of the year for Diamond Limited were $ During the year the total assets increased by 22% The total assets at the end of the year are Requirement 2. GreatLakes Associates began a year with total assets of $725,000 and total liabilities of $245,000 Net income for the year was $105,000 and no dividends were paid. How much is shareholders' equity at the end of the year? Compute GreatLakes Associates shareholders' equity at the beginning of the year The shareholders' equity at the beginning of the year is $ At the end of the year, the company has a net income of $105,000 The shareholders equity at the end of the year is $