Accounting Equation 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 $858,000 and liabilities of $206,000. 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 $163,000 and liabilities increased by $49,000 during 2019.

Accounting Equation 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 $858,000 and liabilities of $206,000. 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 $163,000 and liabilities increased by $49,000 during 2019.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter19: Variable Costing (varcost)

Section: Chapter Questions

Problem 2R: Open the file VARCOST from the website for this book at cengagebrain.com. Enter the formulas where...

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