Question
Sid Summitt is the owner and operator of Our Idol LLC, a motivational consultingbusiness. At the end of itsaccountingperiod, December 31, 2013, Our Idol hasassetsof
Sid Summitt is the owner and operator of Our Idol LLC, a motivational consultingbusiness. At the end of itsaccountingperiod, December 31, 2013, Our Idol hasassetsof $728,000 andliabilitiesof $175,000. Using the accounting equation, determine the following amounts:
a.Owner's equityas of December 31, 2013.
b.Owner's equity as of December 31, 2014, assuming that assets decreased by $138,000 and liabilities increased by $42,000 during 2014.
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
