John Joos is the stockholder and operator of You're A Star LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, You're A Star has assets of $554,000 and liabilities of $133,000. Using the accounting equation, determine the following amounts:
a. Stockholders' equity as of December 31, 2017. $
b. Stockholders' equity as of December 31, 2018, assuming that assets increased by $105,000 and liabilities decreased by $32,000 during 2018. $
Answer:
a. $421,000
b. $558,000
Explanation:
We all know the basic Accounting Equation ,i.e.,
Assets = Liabilities + Stockholder's Equity
:. Stockholder's Equity = Assets - Liabilities
a)
In this case, on December 31, 2017 :
Assets = $554,000
Liabilities= $133,000
Stockholder's Equity = $554,000 - $133,000 = $421,000
b)
On December 31,2018 :
Assets = $554,000 + $105,000 = $659,000
Liabilities = $133,000 - $32,000 = $101,000
Stockholder's Equity = $659,000 - $101,000 = $558,000
John Joos is the stockholder and operator of You're A Star LLC, a motivational consulting business....
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