At the beginning of the year, Morales Company had total assets of $800,000 and t

Question

At the beginning of the year, Morales Company had total assets of $800,000 and total liabilities of $500,000. (Treat each item independently.) (a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount ofstockholders equity at the erd of the year? Stockholders' equity 530,000 (b) During the year, total liabilities increased $100,000 and stockholders' equity decreased $70,000. What is the amount of total assets at the end of the year? Total assets (c) If total assets decreased $80,000 and stockholders' equity increased $110,000 during te year what is the emount of total .iabilites et the the year? nd f Total liabilities

Explanation / Answer

Total Assets Total Liabilities Stockholder's Equity (a) (b) (c') = (a) - (b) 1 Beginning $800,000 $500,000 $300,000 Change $150,000 -$80,000 Ending $950,000 $420,000 $530,000 2 Beginning $800,000 $500,000 $300,000 Change $100,000 -$70,000 Ending $830,000 $600,000 $230,000 3 Beginning $800,000 $500,000 $300,000 Change -$80,000 $110,000 Ending $720,000 $310,000 $410,000

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