Accounting Equation Sid Summitt is the stockholder and operator of Personality Shine LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Personality Shine has assets of $784,000 and liabilities of $188,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 20Y2. b. Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $149,000 and liabilities decreased by $45,000 during 20Y3.

Accounting Equation Sid Summitt is the stockholder and operator of Personality Shine LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Personality Shine has assets of $784,000 and liabilities of $188,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 20Y2. b. Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $149,000 and liabilities decreased by $45,000 during 20Y3.

Name: Accounting EquationSid Summitt is the stockholder and operator of Per
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Description: Accounting EquationSid Summitt is the stockholder and operator of Personality Shine LLC, a motivational consulting business. At the end of its accounting period, December31, 20Y2, Personality Shine has assets of $784,000 and liabilities of $188,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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