Question
At the beginning of the year, Swifty Company had total assets of $862,000 and total liabilities of $600,000. Answer the following questions. (a) If total
At the beginning of the year, Swifty Company had total assets of $862,000 and total liabilities of $600,000. Answer the following questions. (a) If total assets increased $137,000 during the year and total liabilities decreased $70,000, what is the amount of stockholders equity at the end of the year?
(b) During the year, total liabilities increased $120,000 and stockholders equity decreased $84,000. What is the amount of total assets at the end of the year? (c) If total assets decreased $77,000 and stockholders equity increased $101,000 during the year, what is the amount of total liabilities at the end of the year?
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