Question - At the beginning of the year, Sielert Company had total assets of $876,720 and total liabilities of $254,480. Answer the following questions.
(a) If total assets increased $120,300 during the year and total liabilities decreased $79,570, what is the amount of owner's equity at the end of the year?
(b) During the year, total liabilities increased $134,560 and owner's equity decreased $80,980. What is the amount of total assets at the end of the year?
(c) If total assets decreased $58,720 and owner's equity increased $94,810 during the year, what is the amount of total liabilities at the end of the year?