Accounting Equation Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go- For-It has assets of $858,000 and liabilities of $206,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 2018. b. Owner's equity as of December 31, 2019, assuming that assets increased by $163,000 and liabilities increased by $49,000 during 2019.
Accounting Equation Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go- For-It has assets of $858,000 and liabilities of $206,000. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 2018. b. Owner's equity as of December 31, 2019, assuming that assets increased by $163,000 and liabilities increased by $49,000 during 2019.
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Accounting Equation
Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go-
For-It has assets of $858,000 and liabilities of $206,000. Using the accounting equation, determine the following amounts:
a. Owner's equity as of December 31, 2018.
b. Owner's equity as of December 31, 2019, assuming that assets increased by $163,000 and liabilities increased by $49,000 during 2019.
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