Reference no: EM132826476
Question - Sunland Company is owned by Rachel Sunland. The company had total assets of $870,000 and total liabilities of $545,000 at the beginning of the year. Answer each of the following independent questions:
(a) During the year, total assets increased by $126,000 and total liabilities decreased by $84,000. What is the amount of owner's equity at the end of the year?
(b) Total liabilities decreased by $87,000 during the year. The company incurred a loss of $55,000. R. Sunland made an additional investment of $103,000 and made no withdrawals. What is the amount of total assets at the end of the year?
(c) Total assets increased by $65,400, and total liabilities decreased by $56,000. There were no additional owner's investments, and R. Sunland withdrew $46,000. What is the amount of profit or loss for the year?
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