Sid Summitt 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 $624,000 and liabilities of $150,000. Using the accounting determine the following amounts: a. Owner's equity as of December 31, 2018 equation, b. Owner's equity as of December 31, 2019, assuming that assets increased by $119,000 and liabilities increased by $36,000 during 2019.

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
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Sid Summitt 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 $624,000 and liabilities of
$150,000. Using the accounting
determine the following amounts:
a. Owner's equity as of December 31, 2018
equation,
b. Owner's equity as of December 31, 2019,
assuming that assets increased by $119,000 and
liabilities increased by $36,000 during 2019.
Transcribed Image Text:Sid Summitt 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 $624,000 and liabilities of $150,000. Using the accounting determine the following amounts: a. Owner's equity as of December 31, 2018 equation, b. Owner's equity as of December 31, 2019, assuming that assets increased by $119,000 and liabilities increased by $36,000 during 2019.
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