FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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At the beginning of the year, Pina Colada Company had total assets of $968,000 and total liabilities of $586,000. Answer the
following questions.
(a) If total assets increased $135,000 during the year and total liabilities decreased $69,000, what is the amount of stockholders'
equity at the end of the year?
Stockholders' equity $
(b) During the year, total liabilities increased $131,000 and stockholders' equity decreased $67,000. What is the amount of total
assets at the end of the year?
Total assets
(c) If total assets decreased $64,000 and stockholders' equity increased $112,000 during the year, what is the amount of total
liabilities at the end of the year?
Total liabilities $
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Transcribed Image Text:At the beginning of the year, Pina Colada Company had total assets of $968,000 and total liabilities of $586,000. Answer the following questions. (a) If total assets increased $135,000 during the year and total liabilities decreased $69,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity $ (b) During the year, total liabilities increased $131,000 and stockholders' equity decreased $67,000. What is the amount of total assets at the end of the year? Total assets (c) If total assets decreased $64,000 and stockholders' equity increased $112,000 during the year, what is the amount of total liabilities at the end of the year? Total liabilities $
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