Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need help with part C. I've continuously worked it out and I keep getting 81,000 but it keeps telling me its wrong. At

I just need help with part C. I've continuously worked it out and I keep getting 81,000 but it keeps telling me its wrong.

At the beginning of the year, Morales Company had total assets of $834,000 and total liabilities of $546,000. (Treat each item independently.)

(a) If total assets increased $177,000 during the year and total liabilities decreased $86,000, what is the amount of stockholders equity at the end of the year?

Stockholders equity $551,000

(b) During the year, total liabilities increased $104,000 and stockholders equity decreased by $60,000. What is the amount of total assets at the end of the year?

Total assets $878,000

(c) If total assets decreased $82,000 and stockholders equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?

Total liabilities $81,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Practical Guide To Auditing SAP Systems

Authors: Martin Metz, Sebastian Mayer

1st Edition

3960126409, 978-3960126409

More Books

Students also viewed these Accounting questions

Question

After-tax cost Weighted Cost (%) WACC

Answered: 1 week ago

Question

What is conservative approach ?

Answered: 1 week ago

Question

What are the basic financial decisions ?

Answered: 1 week ago