Accounting challeges
At the beginning of the year, Sielert Company had total assets of $749,070 and total liabilities of $335,200. Answer the following questions.
(a) If total assets increased $132,430 during the year and total liabilities decreased $62,510, what is the amount of owner’s equity at the end of the year?
| Owner’s equity | $ |
(b) During the year, total liabilities increased $131,760 and owner’s equity decreased $95,710. What is the amount of total assets at the end of the year?
| Total assets | $ |
(c) If total assets decreased $63,560 and owner’s equity increased $79,920 during the year, what is the amount of total liabilities at the end of the year?
| Total liabilities | $ |
