At the Beginning of the Year, Shaolin Company Had Total

question 57

Essay

At the beginning of the year, Shaolin Company had total assets of $520,000 and total liabilities of $210,000. 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 stockholders' equity at the end of the year?
(2) During the year, total liabilities increased $230,000 and stockholders' 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 stockholders' 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:

Empower, And Perform

A concept focused on providing individuals or groups with the resources, confidence, and freedom to achieve their maximum potential and deliver high performance.

Open-Book Management

A business approach where financial and performance data are shared with all employees to foster involvement and accountability.

Stock Ownership

The holding of shares in a company, representing a claim on the company's assets and earnings.

Society For Human Resource Management

A professional organization dedicated to the advancement of human resource practices and the professional development of HR professionals.