Ting Hsu is the owner of Hsu's Financial Services. At the end of its accounting period, December 31, of Year 1, Hsu's has assets of $575,000 and owner's equity of $335,000. Using the accounting equation and considering each case independently, determine the following amounts:?
(a) Hsu's liabilities as of December 31 of Year 1.
(b) Hsu's liabilities as of December 31 of Year 2, assuming that assets increased by $56,000 andowner's equity decreased by $32,000.
(c) Net income or net loss during Year 2, assuming that as of December 31, Year 2, assets were $592,000,liabilities were $450,000, and there were no additional investments or withdrawals.

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The Answer of Ting Hsu is the owner of Hsu's Financial Services. At the end of its accounting period, December 31, of Year 1, Hsu's has assets of $575,000 and owner's equity of $335,000. Using the accounting equation and considering each case independently, determine the following amounts:?
(a) Hsu's liabilities as of December 31 of Year 1.
(b) Hsu's liabilities as of December 31 of Year 2, assuming that assets increased by $56,000 andowner's equity decreased by $32,000.
(c) Net income or net loss during Year 2, assuming that as of December 31, Year 2, assets were $592,000,liabilities were $450,000, and there were no additional investments or withdrawals.

Ting Hsu Is the Owner of Hsu's Financial Services