Solution-Find what is amount of owner equity at the end of

Find what is amount of owner equity at the end of the year

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Butler Company is owned by Rachel Butler. The company had total assets of $850,000 and total liabilities of $550,000 at the beginning of the year. Answer each of the following independent questions:

Problem (a) During the year, total assets increased by $130,000 and total liabilities decreased by $80,000. What is the amount of owner's equity at the end of the year?

Problem (b) Total liabilities decreased by $95,000 during the year. The company incurred a loss of $40,000. R. Butler made an additional investment of $100,000 and made no withdrawals. What is the amount of total assets at the end of the year?

Problem (c) During the year, total assets increased by $100,000. Profit was $185,000. There were no additional owner's investments, but R. Butler withdrew $50,000. What is the amount of total liabilities at the end of the year?

Problem (d) Total assets increased by $45,000, and total liabilities decreased by $50,000. There were no additional owner's investments, and R. Butler withdrew $40,000. What is the amount of profit or loss for the year?

Reference no: EM132832951

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Find what is amount of owner equity at the end of the year

Reference no: EM132832951

Reference no: EM132832951

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