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 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 $119,000 and liabilities increased by $36,000 during 2019.
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 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 $119,000 and liabilities increased by $36,000 during 2019.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
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
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 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 $119,000 and liabilities increased by $36,000 during 2019.
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