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At the beginning of the year, Oriole Company had total assets of $746,000 and total liabilities of $361,000. Answer the following independent questions.
Problem (a) If total assets increased $166,000 during the year and total liabilities decreased $84,000, what is the amount of owner's equity at the end of the year?
Problem (b) During the year, total liabilities increased $120,000 and owner's equity decreased $91,000. What is the amount of total assets at the end of the year?
Problem (c) If total assets decreased $88,000 and owner's equity increased $97,000 during the year, what is the amount of total liabilities at the end of the year?
Financial Statement Analysis and Preparation
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