At the beginning of 2018, Hold Steady Company had total assets of $520,000 and total liabilities of $250,000. Answer each of the following questions. 1. If total assets increased $60,000 and stockholders' equity decreased $90,000 during the year, determine the amount of total liabilities at the end of the year. 2. During the year, total liabilities decreased $75,000 and stockholders' equity increased $50,000. Compute the amount of total assets at the end of the year. 3. If total assets decreased $100,000 and total liabilities increased $55,000 during the year, determine the amount of stockholders' equity at the end of the year.

1) $400,000

2) $495,000

3) $115,000

Explanation:

beginning of 2018:

assets $520,000 = $250,000 liabilities + $270,000 equity

+ $60,000                                                  - $90,000  

assets $580,000 = $400,000 liabilities + $180,000 equity

assets $520,000 = $250,000 liabilities + $270,000 equity

                                -$75,000                  + $50,000

assets $495,000 = $175,000 liabilities  + $320,000 equity

assets $520,000 = $250,000 liabilities + $270,000 equity

-$100,000               $55,000

assets $420,000 = $305,000 liabilities + $115,000 equity

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