Accounting Equation Sid Summitt is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, Galaxy has assets of $531,000 and liabilities of $127,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 2017. $fill in the blank 1 b. Stockholders' equity as of December 31, 2018, assuming that assets decreased by $101,000 and
Accounting Equation Sid Summitt is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, Galaxy has assets of $531,000 and liabilities of $127,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 2017. $fill in the blank 1 b. Stockholders' equity as of December 31, 2018, assuming that assets decreased by $101,000 and
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sid Summitt is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, Galaxy has assets of $531,000 and liabilities of $127,000. Using the accounting equation, determine the following amounts:
a.
$fill in the blank 1
b. Stockholders' equity as of December 31, 2018, assuming that assets decreased by $101,000 and liabilities decreased by $30,000 during 2018.
$fill in the blank 2
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