Carroll Corporation began the year with total assets of $800,000 and total liabilities of $620,000.Use the accounting equation to answer the following questions.Assume no additional investment by owners when answering these questions.
A) What was the amount of Carroll's total assets at the end of the year if liabilities decreased by $60,000 and owners' equity increased by $90,000?
B) Was the company profitable? Explain your answer.

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The Answer of Carroll Corporation began the year with total assets of $800,000 and total liabilities of $620,000.Use the accounting equation to answer the following questions.Assume no additional investment by owners when answering these questions.
A) What was the amount of Carroll's total assets at the end of the year if liabilities decreased by $60,000 and owners' equity increased by $90,000?
B) Was the company profitable? Explain your answer.

Carroll Corporation Began the Year with Total Assets of $800,000