Use the Accounting Equation to Answer Each of the Independent

Essay

Use the accounting equation to answer each of the independent questions below.?
(a) At the beginning of the year, Norton Company's assets were $75,000 and its owner's equity was $38,000. Duringthe year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner's equity at theend of the year??
(b) At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner's equity of $66,000. If assetsincreased by $10,000 and liabilities decreased by $5,000, what was the owner's equity at the end of the year?