At the Beginning of the Year, Gant Company Had Total

Essay

At the beginning of the year, Gant Company had total assets of $660,000 and total liabilities of $300,000. Answer the following questions viewing each situation as being independent of the others.
(1) If total assets increased $225,000 during the year, and total liabilities decreased $100,000, what is the amount of stockholders' equity at the end of the year?
(2) During the year, total liabilities increased $215,000 and stockholders' equity decreased $130,000. What is the amount of total assets at the end of the year?
(3) If total assets decreased $60,000 and stockholders' equity increased $150,000 during the year, what is the amount of total liabilities at the end of the year?