At the Beginning of the Year, Keats Company Had Total

question 71

Essay

At the beginning of the year, Keats Company had total assets of $750,000 and total liabilities of $250,000. Answer the following questions viewing each situation as being independent of the others.
(1) If total assets increased $200,000 during the year, and total liabilities decreased $75,000, what is the amount of equity at the end of the year?
(2) During the year, total liabilities increased $230,000 and equity decreased $90,000. What is the amount of total assets at the end of the year?
(3) If total assets decreased $40,000 and equity increased $130,000 during the year, what is the amount of total liabilities at the end of the year?

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Definitions:

Opportunity To Use Skills

Situations or environments that allow individuals to apply their knowledge and competencies effectively.

Training Framework

A structured outline or strategy designed to guide the development, delivery, and assessment of training programs.

Public Praise

An act of expressing approval or admiration for someone's achievements or qualities in a public setting.

High-Risk Situation

Circumstances or events that have a high potential for negative outcomes, such as failure, injury, or other dangers.