Question

Accounting Equation Katherine Brewer is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 2012, Our Idol has assets of $513,000 and liabilities of $123,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 20Y2. b. Stockholders' equity as of December 31, 2043, assuming that assets decreased by $97,000 and liabilities decreased by $30,000 during 2073.

Answer 1

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Total Assets - Total liabilities + Total Blaceholde's equity :: Total Share holdu's - Total Assets-Total liabilities equity in the booke of Katherine Brewer At dec 31, 2012 Assety - $513,000; liabilities = $123,000 a. .:. Total Shave holdo's equity = $513,000 - $ 183,000 $390,000 $416,000 b. share holder's equilia at dec 31, 20y3's Beginning value of Assety = $513,000 value decresed by - $ 97,000) Closing value of Aeslty Beginning value of liabilities - $ 193,00 decresed by ($ 30,000) $93,000 Closing value of liabilities Total shareholder's - $416,000 - $93,000 equity = $323,000