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Sunland Company is owned by Rachel Sunland. The company had total assets of $ 8 8 5 , 0 0 0 and total liabilities of

Sunland Company is owned by Rachel Sunland. The company had total assets of $885,000 and total liabilities of $550,000 at the beginning of the year. Answer each of the following independent questions: (a) During the year, total assets increased by $125,000 and total liabilities decreased by $82,000. What is the amount of owner's equity at the end of the year? Owner's equity ____________(b) Total liabilities decreased by $87,000 during the year. The company incurred a loss of $54,000. R. Sunland 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 _____________(c) Total assets increased by $64,100, and total liabilities decreased by $58,000. There were no additional owner's investments, and R. Sunland withdrew $45,000. What is the amount of profit or loss for the year? Profit /(Loss)_________________

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