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balvinder123
Sep 15, 2013, 06:14 PM
At the beginning of the year, Lam Ltd. Had total assets of $815,510 and total liabilities of $519,760.

If Lam’s total assets decreased by $81,240 during the year and shareholders’ equity increased by $119,450, what is the amount of total liabilities at the end of the year?

I tried everything to solve this question but I just can't get it right.. I have tried the formula A=L+OE in every combination but I still get it wrong please help thanks.

paraclete
Sep 15, 2013, 06:29 PM
The equation is assets - liabilities = equity therefore you have to fill in the missing numbers
815510-519760=295750
(815510-81240) 734270-(519760-200690) 319070=(295750+119450) 415200