At the Beginning of 2016 Stand First Company Had Total

Essay

At the beginning of 2016 Stand First Company had total assets of $520000 and total liabilities of $270000. Answer each of the following questions.
1. If total assets increased $60000 and owner's equity decreased $90000 during the year determine the amount of total liabilities at the end of the year.
2. During the year total liabilities decreased $73000 and owner's equity increased $50000. Compute the amount of total assets at the end of the year.
3. If total assets decreased $105000 and total liabilities increased $55000 during the year determine the amount of owner's equity at the end of the year.