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At the beginning of the fiscal year, the balance sheet showed assets of $1,000 and stockholders' equity of $600. During the year, assets increased $100

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At the beginning of the fiscal year, the balance sheet showed assets of $1,000 and stockholders' equity of $600. During the year, assets increased $100 and liabilities decreased $40. Liabilities at the end of the year totaled: a) $440 b) $1100 c) $360 d) $600

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