At the Beginning of 2014, Bonds Company Had Total Assets

Essay

At the beginning of 2014, Bonds Company had total assets of $650,000 and total liabilities of $370,000. Answer each of the following questions.
1. If total assets increased $60,000 and equity decreased $90,000 during the year, determine the amount of total liabilities at the end of the year.
2. During the year, total liabilities decreased $75,000 and equity increased $50,000. Compute the amount of total assets at the end of the year.
3. If total assets decreased $100,000 and total liabilities increased $55,000 during the year, determine the amount of equity at the end of the year.