Accounting Equation (A.) During the Current Year, the Assets of Duffy Stationery

question 47

Essay

Accounting equation
(A.) During the current year, the assets of Duffy Stationery increased by $650,000, and the liabilities decreased by $340,000. What was the change in equity during the year?
(B.) The equity of Graham Interiors appears on the balance sheet as $720,000 and is equal to one-fourth of total assets. Compute the amount of total liabilities.
(C.) At the end of 2009 the equity in Scott Mfg. amounted to $845,000. During 2009, the assets of the business increased by $515,000, and the liabilities increased by $205,000. The equity at the beginning of 2009 was how much?

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