Tony's Advertising started a business in 2016 with total assets of $50,000 and total liabilities of $18,000.

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Tony's Advertising started a business in 2016 with total assets of $50,000 and total liabilities of $18,000. At the end of 2016, Tony's Advertising's total assets were $39,000 and total liabilities were $10,000.

After analyzing the data, answer the following questions:

1. What was the amount of the increase or decrease in stockholders' equity?

2. Identify two possible reasons for the change in stockholders' equity during the year?

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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Nov 17, 2017 08:47 AM

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Tony's Advertising started a business in 2016 with total assets of $50,000 and total liabilities of $18,000.

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Req 1 TotalAssets Total Liabilities Total Stockholde...View the full answer

Financial Accounting

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