Dave Ryan is the owner and operator of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $639,920 and liabilities of $225,490. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31 of the current year. $_______________ b. Owner's equity as of December 31 at the end of the next year, assuming that assets increased by $82,610 and liabilities increased by $17,300 during the year. $_________________
Dave Ryan is the owner and operator of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $639,920 and liabilities of $225,490. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31 of the current year. $_______________ b. Owner's equity as of December 31 at the end of the next year, assuming that assets increased by $82,610 and liabilities increased by $17,300 during the year. $_________________
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.5E: The Accounting Equation Using the accounting equation, answer each of the following independent...
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Dave Ryan is the owner and operator of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $639,920 and liabilities of $225,490. Using the
a. Owner's equity as of December 31 of the current year.
$_______________
b. Owner's equity as of December 31 at the end of the next year, assuming that assets increased by $82,610 and liabilities increased by $17,300 during the year.
$_________________
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