Use the Accounting Equation to Answer Each of the Independent

question 140

Essay

Use the accounting equation to answer each of the independent questions below.?
(a) At the beginning of the year, Norton Company's assets were $75,000 and its owner's equity was $38,000. Duringthe year, assets increased by $18,000 and liabilities increased by $4,000. What was the owner's equity at theend of the year??
(b) At the beginning of the year, Turpin Industries had liabilities of $44,000 and owner's equity of $66,000. If assetsincreased by $10,000 and liabilities decreased by $5,000, what was the owner's equity at the end of the year?

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Definitions:

Thermostat

A device used for regulating the temperature of a system so that the system's temperature is maintained near a desired set-point.

Cooler

A term that can refer to a device or container used to keep things cool, particularly food and drinks, by using ice or other refrigerants.

Thermometer

A device used to measure temperature, often utilizing mercury or digital sensors.

Sensation-Seeking Behaviors

Actions that are pursued to achieve heightened states of arousal or intense experiences.