Your answer is partially correct.
At the beginning of the year, Morales Company had total assets of $800,000 and total liabilities of $500,000. (Treat each item independently.)
(a) If total assets increased by $150,000 during the year and total liabilities decreased by $80,000, what is the amount of stockholders’ equity at the end of the year?
Stockholders’ equity
$enter the stockholders’ equity in dollars
$370,000
Correct answer
(b) During the year, total liabilities increased by $100,000 and stockholders’ equity decreased by $70,000. What is the amount of total assets at the end of the year?
Total assets
$enter the total assets in dollars
$830,000
(c) If total assets decreased by $80,000 and stockholders’ equity increased by $110,000 during the year, what is the amount of total liabilities at the end of the year?
Total liabilities
$enter the total liabilities in dollars
$420,000
Incorrect answer