Katherine Brewer is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period,December 31, 2017, Our Idol has assets of $574,000 and liabilities of $138,000. Using the accounting equation, determine the followingamounts:a. Stockholders' equity as of December 31, 2017.b. Stockholders' equity as of December 31, 2018, assuming that assets increased by $109, 000 and liabilities decreased by $33, 000 during2018.

To solve this question, we will use the accounting equation: Assets=Liabilities+Stockholders' Equity…

Answered: Katherine Brewer is the stockholder and…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 17E

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Katherine Brewer is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, Our Idol has assets of $574,000 and liabilities of $138,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 2017. b. Stockholders' equity as of December 31, 2018, assuming that assets increased by $109,000 and liabilities decreased by $33,000 during 2018.
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What is the total stockholder's equity on these general accounting question?
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