Question 1: At the beginning of the year, Hernandez Company had total assets of $872,310 and total liabilities of $497,500.
Answer the following independent questions.
a) If total assets increased $147,320 during the year and total liabilities decreased $82,430, what is the amount of stockholders' equity at the end of the year?
b) During the year, total liabilities increased $106,010 and stockholders' equity decreased $67,590. What is the amount of total assets at the end of the year?
c) If total assets decreased $83,040 and stockholders' equity increased $118,170 during the year, what is the amount of total liabilities at the end of the year?