S possible Answer these questions about two companies: 1. 2. Clay Limited began the year with total liabilities of $170,000 and total shareholders' equity of $350,000. During the year, total assets increased by 24%. How much are total assets at the end of the year? EastWest Associates began a year with total assets of $625,000 and total liabilities of $232,000. Net income for the year was $110,000 and no dividends were paid. How much is shareholders' equity at the end of the year? Requirement 1. Clay Limited began the year with total liabilities of $170,000 and total shareholders' equity of $350,000. During the year, total assets increased by 24%. How much are total assets at the end of the year? First compute Clay Companies Limited's total assets at the beginning of the year. The total assets at the beginning of the year for Clay Limited were $ During the year the total assets increased by 24%. The total assets at the end of the year are $ Requirement 2. EastWest Associates began a year with total assets of $625,000 and total liabilities of $232,000. Net income for the year was $110,000 and no dividends were paid. How much is shareholders' equity at the end of the year? Compute EastWest Associates shareholders' equity at the beginning of the year. The shareholders' equity at the beginning of the year is $ At the end of the year, the company has a net income of $110,000 The shareholders' equity at the end of the year is $