Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer question 5.a.b.c A) during the year, total assets increased by 128,000$ and total liabilities decreased by $81,000. What is the amount of owner's

please answer question 5.a.b.c

A) during the year, total assets increased by 128,000$ and total liabilities decreased by $81,000. What is the amount of owner's equity at the end?

B) Total liabilities decreased by $94,000 during the year, The company incurred a loss of $59,000. R. Blossom made an addition investmewnt of $102,000 and no withdrawals, What was the total amount of assets at the end of the year

C) Total assets increased by $53,000, total liabilities decreased by $52,000. There was noaddition owner's investments, and R. Blossom withdraw $41,000. What is the amount of profit or loss for the year?

image text in transcribed

Question 5 of 10 0.33/1 View Policies Show Attempt History Current Attempt in Progress 1 Your answer is partially correct. Blossom Company is owned by Rachel Blossom. The company had total assets of $890,000 and total liabilities of $525,000 at the beginning of the year. Answer each of the following independent questions: (a) During the year, total assets increased by $128,000 and total liabilities decreased by $81,000. What is the amount of owner's equity at the end of the year? Owner's equity $ 574000 (b) Total liabilities decreased by $94,000 during the year. The company incurred a loss of $59,000. R. Blossom made an additional investment of $102,000 and made no withdrawals. What is the amount of total assets at the end of the year? Total assets $ 474000 HR (c) Total assets increased by $53,800, and total liabilities decreased by $52,000. There were no additional owner's inves X Ps so 16 E E} tv

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

Step: 3

blur-text-image

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

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

Students also viewed these Accounting questions