At the beginning of the year, Oriole Company had total assets of $778,000 and total liabilities...

Transcribed Image Text:

At the beginning of the year, Oriole Company had total assets of $778,000 and total liabilities of $296,000. Answer the following questions. (a) If total assets increased $153,000 during the year and total liabilities decreased $58,000, what is the amount of owner's equity at the end of the year? Owner's equity $ 693,000 (b) During the year, total liabilities increased $116,000 and owner's equity decreased $92,000. What is the amount of total assets at the end of the year? Assets $ 1,379,000 (c) If total assets decreased $93,000 and owner's equity increased $93,000 during the year, what is the amount of total liabilities at the end of the year? Liabilities $ 500,000 At the beginning of the year, Oriole Company had total assets of $778,000 and total liabilities of $296,000. Answer the following questions. (a) If total assets increased $153,000 during the year and total liabilities decreased $58,000, what is the amount of owner's equity at the end of the year? Owner's equity $ 693,000 (b) During the year, total liabilities increased $116,000 and owner's equity decreased $92,000. What is the amount of total assets at the end of the year? Assets $ 1,379,000 (c) If total assets decreased $93,000 and owner's equity increased $93,000 during the year, what is the amount of total liabilities at the end of the year? Liabilities $ 500,000