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At the beginning of the year, Pharoah Company had total assets of $819,000 and total liabilities of $588,000. (Treat each item independently.)
Question (a) If total assets increased $170,000 during the year and total liabilities decreased $74,000, what is the amount of stockholders' equity at the end of the year?
Question (b) During the year, total liabilities increased $93,000 and stockholders' equity decreased $79,000. What is the amount of total assets at the end of the year?
Question (c) If total assets decreased $86,000 and stockholders' equity increased $118,000 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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