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At the beginning of the year, Manchester Limited had total assets of $600,000 and total liabilities of $300,000. REQUIRED Answer the following questions in a
At the beginning of the year, Manchester Limited had total assets of $600,000 and total liabilities of $300,000. REQUIRED Answer the following questions in a table format, viewing each situation as being independent of the others. 1. If total assets increased $225,000 during the year, and total liabilities decreased $100,000, what is the amount of shareholders' equity at the end of the year? 2. During the year, total liabilities increased $315,000 and shareholders' equity decreased $130,000. What is the amount of total assets at the end of the year? 3. If total assets decreased $60,000 and shareholders' equity increased $180,000 during the year, what is the amount of total liabilities at the end of the year? Below is a format for the table: Total assets Total liabilities Shareholders' equity Beginning Change Ending
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