CONCEPTS IN FEDERAL TAXATION 2019
26th Edition
ISBN: 9781337813594
Author: Murphy
Publisher: CENGAGE L
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Terry Fleming 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 $675,000 and liabilities of $215,000.
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 $112,300 and liabilities increased by $32,000 during 2019.
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Comfy Furniture has work in process inventory valued at $30,000 (60% complete) on March 1. During March, they spent $80,000 on additional costs and completed 75% of the work. Calculate the ending work in process inventory value.
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