What was the owners equity at the end of the year

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Reference no: EM13793523

Use the accounting equation to answer each of the independent questions below:

a. At the beginning of the year Norton Company assets were $75,000 and its owner’s equity was $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner’s equity at the end of the year?

b. At the beginning of the year Turpin Industries had liabilities of $44,000 and owner’s equity of $66,000. If assets increased by $10,000 and liabilities decreased by $5,

Reference no: EM13793523

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