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At the beginning of the year, Dewey, Cheatcha and Howe, A Law Firm (naturally) had total assets of $850,000 and total liabilities of $310,000. Answer
At the beginning of the year, Dewey, Cheatcha and Howe, A Law Firm (naturally) had total assets of $850,000 and total liabilities of $310,000. Answer the following questions viewing each situation as being independent of the others. (a) If total assets increased $300,000 during the year, and total liabilities decreased $25,000, what is the amount of owner's equity at the end of the year? (b) During the year, total liabilities increased $330,000 and owner's equity decreased $100,000. What is the amount of total assets at the end of the year? (c) If total assets decreased $50,000 and owner's equity increased $110,000 during the year, what is the amount of total liabilities at the end of the year
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