Avery Corporation Began the Year with Total Assets of $800,000 $\$ 60,000$

question 108

Essay

Avery Corporation began the year with total assets of $800,000 and total liabilities of $620,000.Use the accounting equation to answer the following questions.Assume no additional investment by owners when answering these questions.
A) What was the amount of Avery's total assets at the end of the year if liabilities decreased by $\$ 60,000$ and owners' equity increased by $\$ 90,000$ ?
B) Was the company profitable? Explain your answer.

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Definitions:

Delegating

The act of assigning responsibility and authority to others to complete tasks or make decisions.

Competent

Having the necessary ability, knowledge, or skill to perform a specific task or role successfully.

Committed

Showing dedication and loyalty to a cause or activity; being wholeheartedly involved.

High Supportive

Pertains to a leadership behavior characterized by showing concern for employees' well-being and individual needs, creating a friendly and supportive work environment.