Current Attempt in Progress Blossom Company is owned by Rachel Blossom. The company had total assets of $880,000 and tot

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Current Attempt In Progress Blossom Company Is Owned By Rachel Blossom The Company Had Total Assets Of 880 000 And Tot 1 (34.46 KiB) Viewed 71 times

Current Attempt in Progress Blossom Company is owned by Rachel Blossom. The company had total assets of $880,000 and total liabilities of $520,000 at the beginning of the year. Answer each of the following independent questions: (a) During the year, total assets increased by $131,000 and total liabilities decreased by $78,000. What is the amount of owner's equity at the end of the year? Owner's equity $ (b) Total liabilities decreased by $91,000 during the year. The company incurred a loss of $57,000. R. Blossom made an additional investment of $96,000 and made no withdrawals. What is the amount of total assets at the end of the year? Total assets (c) Total assets increased by $64,600, and total liabilities decreased by $56,000. There were no additional owner's investments, and R. Blossom withdrew $43,000. What is the amount of profit or loss for the year? Profit/(Loss) $