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    A Discussion On End Of Year Liabilities

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    At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and owners' equity of $836. During the year, assets increased $74 and liabilities decreased $38. Liabilities at the end of the year totaled?

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    Solution Summary

    The solution is comprised of an explanation of how to calculate the value of liabilities at the end of the year.