Help with basic accounting

timer Asked: Aug 7th, 2016

Question description

At the beginning of the year, Sielert Company had total assets of $811,020 and total liabilities of $386,080. Answer the following questions.

(a) If total assets increased $169,710 during the year and total liabilities decreased $86,670, what is the amount of owner’s equity at the end of the year?

(b) During the year, total liabilities increased $121,390 and owner’s equity decreased $62,230. What is the amount of total assets at the end of the year?

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