Question
At the beginning of the year, Ivanhoe Company had total assets of $778,000and total liabilities of $280,000. Answer the following independent questions. (a) If total
At the beginning of the year, Ivanhoe Company had total assets of $778,000and total liabilities of $280,000. Answer the following independent questions.
(a)If total assets increased $137,000during the year and total liabilities decreased $63,000, what is the amount of owner's equity at the end of the year?
(b)During the year, total liabilities increased $104,000and owner's equity decreased $99,000. What is the amount of total assets at the end of the year?
(c)If total assets decreased $79,000and owner's equity increased $82,000during the year, what is the amount of total liabilities at the end of the year?
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