Question

At the beginning of the year, Sarasota Company had total assets of $942,000 and total liabilities of $597,000. Answer the following questions.

(a) If total assets increased $130,000 during the year and total liabilities decreased $88,000, what is the amount of stockholders’ equity at the end of the year? Stockholders’ equity (b) During the year, total liabilities increased $128,000 and stockholders’ equity decreased $86,000. What is the amount of total assets at the end of the year? Total assets $

(c) If total assets decreased $69,000 and and owner’s equity increased $110,000 during the year, what is the amount of total liabilities at the end of the year? Total liabilities $

Answer 1