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Calculate the Stockholders equity as of December

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Question - Lynn Shackelford is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, Galaxy has assets of $690,000 and liabilities of $166,000. Using the accounting equation, calculate the following amounts:

a. Stockholders' equity as of December 31, 2017.

b. Stockholders' equity as of December 31, 2018, assuming that assets decreased by $131,000 and liabilities decreased by $40,000 during 2018.

Reference no: EM132767860

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