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At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. a. If total assets increased by $150,000 during the year and total liabilities decreased by $80,000, what is the amount of stockholders' equity at the end of the year? b. During the year, total liabilities increased by $100,000 and stockholders' equity decreased by $66,000. What is the amount of total assets at the end of the year? c. If total assets decreased by $80,000 and owner's equity increased by $120,000 during the year, what is the amount of total liabilities at the end of the year?

At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. a. If total assets increased by $150,000 during the year and total liabilities decreased by $80,000, what is the amount of stockholders' equity at the end of the year? b. During the year, total liabilities increased by $100,000 and stockholders' equity decreased by $66,000. What is the amount of total assets at the end of the year? c. If total assets decreased by $80,000 and owner's equity increased by $120,000 during the year, what is the amount of total liabilities at the end of the year?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. a. If total assets increased by $150,000 during the year and total liabilities decreased by $80,000, what is the amount of stockholders' equity at the end of the year? b. During the year, total liabilities increased by $100,000 and stockholders' equity decreased by $66,000. What is the amount of total assets at the end of the year? c. If total assets decreased by $80,000 and owner's equity increased by $120,000 during the year, what is the amount of total liabilities at the end of the year?
Transcribed Image Text:At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. a. If total assets increased by $150,000 during the year and total liabilities decreased by $80,000, what is the amount of stockholders' equity at the end of the year? b. During the year, total liabilities increased by $100,000 and stockholders' equity decreased by $66,000. What is the amount of total assets at the end of the year? c. If total assets decreased by $80,000 and owner's equity increased by $120,000 during the year, what is the amount of total liabilities at the end of the year?
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