Oriole Company is owned by Rachel Oriole. The company had total assets of $885,000 and total...

Oriole Company is owned by Rachel Oriole. The company had total assets of $885,000 and total liabilities of $500,000 at the beginning of the year. Answer each of the following independent questions:

(a) During the year, total assets increased by $121,000 and total liabilities decreased by $77,000. What is the amount of owner's equity at the end of the year?

Owner's equity

(b) Total liabilities decreased by $87,000 during the year. The company incurred a loss of $60,000. R. Oriole made an additional investment of $103,000 and made no withdrawals. What is the amount of total assets at the end of the year?

Total assets

(c) Total assets increased by $57,800, and total liabilities decreased by $60,000. There were no additional owner's investments, and R. Oriole withdrew $45,000. What is the amount of profit or loss for the year?

Profit / (Loss)

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Expert Solution

ekkarill92 answered 1 year ago

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