Requirement 1. Ruby Limited began the year with total liabilities of $185,000 and total shareholders' equity of $325,000. During the year, total assets increased by 24%. How much are total assets at the end of the year?

Requirement 2. Worldwide Associates began a year with total assets of $725,000 and total liabilities of $230,000. Net income for the year was $90,000 and no dividends were paid. How much is shareholders' equity at the end of the year?