Question
Dorset Company begun the year with total assets of $400,000 and total liabilities of $300,000. Required: Using the information and the accounting equation, answer each
Dorset Company begun the year with total assets of $400,000 and total liabilities of $300,000.
Required:
Using the information and the accounting equation, answer each of the following independent questions.
a. What was Dorset's stockholders equity at the beginning of the year?
b. Assuming Dorset Company's assets increased by $50,000 and its total liabilities increased by $30,000 during the year, what ould be the amount of stockholder's equtiy at the end of the year?
c. Assuming Dorset's total assets increased to $500,000 and its stockholder equity increased to $150,000, what would be the total liabilities at the end of the year?
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