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John Joos is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2,
John Joos is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Our Idol has assets of $531,000 and liabilities of $127,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 20Y2. $fill in the blank 1 b. Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $101,000 and liabilities decreased by $30,000 during 20Y3. $fill in the blank 2
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