Use the accounting equation to answer each of the following independent questions. a. At the beginning of the year, Norton Company's assets were $75,000 and its owner's equity was $38,000. During the year, assets increased by $18,000 and abilities increased by $4,000. What was the owner's equity at the end of the year? b. At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner's equity of $66,000. If assets increased by $10,000 and liabilities decreased by $5,000, what was the owner's equity at the end of the year? The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year follow. The capital of the owner was $194,200 at April 1, the beginning of the current year. Mr. Thompson invested an additional $16,100 in the business during the year, Accounts payable $1,200 Miscellaneous expense $480 Accounts receivable 10,760 Office expense 550 Cash 32,300 Supplies 1,670 Fees earned 81,590 Wages expense 31,720 Land 46,600 Drawing 5,600 Building 163,410 Prepare a balance sheet for Thompson Computer Services for the current year ended March 31 Thompson Computer Services Balance Sheet March 31 Assets Qil. Total assets Previous Next