Cullumber Company is owned by Rachel Cullumber. The company had total assets of $895,000 and total liabilities of $540,0

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Cullumber Company Is Owned By Rachel Cullumber The Company Had Total Assets Of 895 000 And Total Liabilities Of 540 0 1 (179.76 KiB) Viewed 81 times

Cullumber Company is owned by Rachel Cullumber. The company had total assets of $895,000 and total liabilities of $540,000 at the beginning of the year. Answer each of the following independent questions: (a) During the year, total assets increased by $123,000 and total liabilities decreased by $81,000. What is the amount of owner's equity at the end of the year? Owner's equity $ (b) Total liabilities decreased by $92,000 during the year. The company incurred a loss of $58,000. R. Cullumber made an additional investment of $100,000 and made no withdrawals. What is the amount of total assets at the end of the year? Total assets $ (c) Total assets increased by $61,900, and total liabilities decreased by $53,000. There were no additional owner's investments, and R. Cullumber withdrew $41,000. What is the amount of profit or loss for the year? Profit/(Loss) $