(Solved): Ivanhoe Company is owned by Rachel Ivanhoe. The company had total assets of $900,000 and total liabi ...

Ivanhoe Company is owned by Rachel Ivanhoe. The company had total assets of

and total liabilities of

at the beginning of the year. Answer each of the following independent questions: (a) During the year, total assets increased by

and total liabilities decreased by

. What is the amount of owner's equity at the end of the year? Owner's equity $ (b) Total liabilities decreased by

during the year. The company incurred a loss of

. R. Ivanhoe made an additional investment of

and made no withdrawals. What is the amount of total assets at the end of the year? Total assets $

(c) Total assets increased by

, and total liabilities decreased by

. There were no additional owner's investments, and

. Ivanhoe withdrew

. What is the amount of profit or loss for the year? Profit/(Loss) $