At the Beginning of the Year, Gant Company Had Total

question 218

Essay

At the beginning of the year, Gant Company had total assets of $660,000 and total liabilities of $300,000. Answer the following questions viewing each situation as being independent of the others.
(1) If total assets increased $225,000 during the year, and total liabilities decreased $100,000, what is the amount of stockholders' equity at the end of the year?
(2) During the year, total liabilities increased $215,000 and stockholders' equity decreased $130,000. What is the amount of total assets at the end of the year?
(3) If total assets decreased $60,000 and stockholders' equity increased $150,000 during the year, what is the amount of total liabilities at the end of the year?

---

Definitions:

Testing Records

Documentation that provides detailed information on the tests administered, including the dates of testing, types of tests, scores obtained, and interpretive comments.

Information Sharing

The exchange of data or knowledge between individuals, organizations, systems, or platforms to achieve a mutual objective or to enhance decision-making processes.

FERPA

The Family Educational Rights and Privacy Act, a federal law that protects the privacy of student education records.

School Records

Official documents, reports, and files pertaining to the administration, students, faculty, and activities of an educational institution.