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QUESTION
On July 1, the assets of Erie Enterprises were $335,000 and liabilities were $106,000. During the quarter, net income was $15,000 and the owner...
On July 1, the assets of Erie Enterprises were $335,000 and liabilities were $106,000. During the quarter, net income was $15,000 and the owner withdrew $80,000 and made no investments. If liabilities decreased $35,000 during the quarter, what was the amount of assets on September 30?
