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?

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Definitions:

Task Objectives

Specific goals or targets designed to be accomplished within a set task or activity.

Different Approaches

Various methods or strategies to tackle tasks or solve problems.

Increasing

The act of becoming greater in size, amount, or degree.

Converging

The process of coming together or the meeting of different ideas or elements to form a new whole.