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Determine what amount of total assets at the end of year

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Using the Basic Accounting Equation

At the beginning of the year, Mumbai Company had total assets of $440,000 and total liabilities of $290,000.

Question 1: If, during the year, total assets decreased by $65,000 and total shareholders' equity increased by $45,000, what is the amount of total liabilities at the end of the year?

Question 2: If, during the year, total liabilities increased by $95,000 and total shareholders' equity decreased by $75,000, what is the amount of total assets at the end of the year?

Reference no: EM132472517

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