Reference no: EM133113342
Question - At the beginning of the year, YUL Ltd. had total assets of $630,000 and total liabilities of $350,000. Use this information to answer each of the following independent questions:
a) If YUL's total assets increased by $130,000 during the year and total liabilities decreased by $70,000, what is the amount of shareholders' equity at the end of the year?
b) During the year, YUL's total liabilities decreased by $80,000. The company reported net income of $75,000, sold additional shares for $100,000, and did not declared any dividends during the year. What is the amount of total assets at the end of the year?
c) If YUL's total assets decreased by $90,000 during the year and shareholders' equity increased by $120,000, what is the amount of total liabilities at the end of the year?
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