1. At the end of an accounting period, a companys total assets equaled $576,000, and liabilities equaled $245,000. How much was the companys owners equity?
2. The owners of a start-up invest $1,000,000 into the business. After one year of operations, the business has assets of $850,000 and losses of $300,000. What are the total liabilities at the end of the first year?