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What was the amount of total liabilities at the end

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Problem 1: Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000. If Sawaddee's total assets doubled to $900,000 and its owners' equity remained the same during the year, what was the amount of its total liabilities at the end of the year?

a. $780,000

b. $900,000

c. $220,000

d. $680,000

Problem 2: To determine the source of a company's noncurrent assets, on which financial statement will you look?

a. Income statement only

b. Balance sheet only

c. Both the balance sheet and the income statement

d. Both the income statement and the statement of retained earnings

Reference no: EM132777089

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