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At the beginning of the year, Hernandez Company had total assets of $800,000 and total liabilities of $500,000. Answer the following questions.
(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner's equity at the end of the year?
(b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000 What is the amount of total assets at the end of the year?
(c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?
You are thinking of hiring 10 more salespeople. The annual cost per salesperson (including salary and benefits) is $120,000. In addition, each salesperson receives as a bonus 10% of the sales he or she generates. How much should your market share ..
Prepare an income statement, a statement of owner's equity, and a balance sheet and on the basis of the adjustment data in the work sheet, journalize the adjusting entries.
Do you think it is necessary to use an accumulated depreciation account instead of just adjusting the asset account directly?
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At the begining of the year , Addison Company's assets are 259,000 and it's equity is 194,250. During the year ,assets increased 80,000 and liabilities increase 52,643. What is the equity at the end of the year?
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