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At the beginning of the year, Pharoah Plumbers had total assets of 8 7 1 , 0 0 0 and total liabilities of 2 2
At the beginning of the year, Pharoah Plumbers had total assets of and total liabilities of Answer the following
independent questions.
a If total assets increased during the year and total liabilities decreased what is the amount of equity at the end
of the year?
Equity
b During the year, total liabilities increased and equity decreased What is the amount of total assets at the end of
the year?
Total assets
c If total assets decreased and equity increased during the year, what is the amount of total liabilities at the end of
the year?
Total liabilities
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