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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?
Studies have shown that DU5 can operate only 3 1/2 years without major equipment breakdowns and excessive loss of efficiency. Therefore, DU5 is shut down every 3 1/2 years for cleaning, inspection, and repairs.
Prepare a complete depreciation table under the straight line method. Assume that a full year depreciation was taken for 2015.
Five equal payments of $10,000 per year are required by the term of the lease, with the first payment due upon signing. Quattro's incremental borrowing rate is 8%, but its implicit interest rate is unknown.
Explain why the notes to a firm's financial statements are an integral part of the company. What kind of information is in this section? Why should an average investor be sure to read them?
Analyze each transaction by identifying the account or accounts to be debited and credited and prepare a journal entry for each in the proper format.
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