At the Beginning of the Year Shaolin Company Had Total

Essay

At the beginning of the year Shaolin Company had total assets of $520000 and total liabilities of $210000. Answer the following questions viewing each situation as being independent of the others.
(1) If total assets increased $200000 during the year and total liabilities decreased $75000 what is the amount of owner's equity at the end of the year?
(2) During the year total liabilities increased $230000 and owner's equity decreased $90000. What is the amount of total assets at the end of the year?
(3) If total assets decreased $40000 and owner's equity increased $130000 during the year what is the amount of total liabilities at the end of the year?