Question - At the beginning of the year, Sielert Company had total assets of $809,000 and total liabilities of $374,000. Answer the following questions.
(a) If total assets increased $145,500 during the year and total liabilities decreased $87,230, what is the amount of owner's equity at the end of the year?
(b) During the year, total liabilities increased $138,980 and owner's equity decreased $78,270. What is the amount of total assets at the end of the year?
(c) If total assets decreased $75,230 and owner's equity increased $86,010 during the year, what is the amount of total liabilities at the end of the year?