None Sid Summitt is the owner and operator of Go-For-ItLLC, a motivational consulting business. At the endof its accounting period, December 31, 2018, Go-For-It has assets of $624,000 and liabilities of$150,000. Using the accountingdetermine the following amounts:a. Owner's equity as of December 31, 2018equation,b. Owner's equity as of December 31, 2019,assuming that assets increased by $119,000 andliabilities increased by $36,000 during 2019.

a. Owner's equity as of December 31, 2018:The accounting equation is:Assets = Liabilities + Owner's…

Answered: Sid Summitt is the owner and operator…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 41P

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Tala Isabel is the sole owner and operator of Star Service Company. As of the end of its accounting penod, December 31, 2019, Star Company has assets of P925.000 and liabilities of P285.000. During the year 2020, Tala Isabel invested an additional P50.000 and withdrew P30,000 from the business. What is the amount of net income during 2020, assuming that as of December 31, 2021, assets were P980.000 and liabilities were P255.0007 Kors Flower Shop reported total revenues of P184 000 for 2021 as well as Total Liabilities as of December 31, 2021-P240.000//2021 Net loss-P38.000// 2021 Total cash payments-P104.000 The company's total expenses must have been
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