The Owner’s equity as of December 31, 2018______________ The Owner’s equity as of December 31, 2019, assuming that assets decreased by $50,000 and liabilities increased by $20,000 during

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business. At the end of its accounting period, December 31, 2018, Be-The-One has assets of $400,000 and liabilities of $100,000. Using the accounting equation, determine the following amounts:

The Owner’s equity as of December 31, 2018______________

The Owner’s equity as of December 31, 2019, assuming that assets decreased by $50,000 and liabilities increased by $20,000 during 2019­­­­­­­­­­­­­­__________________

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