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At the beginning of the year, Diskman Company had total assets of $700,000 and total liabilities of $300,000. Instructions Answer the following questions viewing
At the beginning of the year, Diskman Company had total assets of $700,000 and total liabilities of $300,000. Instructions Answer the following questions viewing each situation as being independent of the others: a) If total assets increased $250,000 during the year, and total liabilities decreased $100,000, what is the amount of owner's equity at the end of the year? b) During the year, total liabilities increased $340,000 and owner's equity decreased $130,000. What is the amount of total assets at the end of the year? c) If total assets decreased $60,000 and owner's equity increased $190,000 during the year, what is the amount of total liabilities at the end of the year?
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