work7671 work7671

16-01-2024
Business

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Owners' equity as of May 31, 20Y3, is $2,950,000. Assuming assets increased by $450,000 and liabilities decreased by $140,000 during 20Y3.

a. What is the new total value of assets?

b. What is the new total value of liabilities?

c. Calculate the change in owners' equity.

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