At the Beginning of 2020, Stand First Company Had Total

Essay

At the beginning of 2020, Stand First Company had total assets of $520,000 and total liabilities of $270,000.
1. If total assets increased $60,000 and owner's 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 $73,000 and owner's equity increased $50,000. Compute the amount of total assets at the end of the year.
3. If total assets decreased $105,000 and total liabilities increased $55,000 during the year, determine the amount of owner's equity at the end of the year.