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Compute the Owner equity as of December

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Reference no: EM132769475

Problem - John Joos is the owner and operator of You're A Star, a motivational consulting business. At the end of its accounting period, December 31, 2018, You're A Star has assets of $800,000 and liabilities of $350,000. Using the accounting equation,

a. Compute the Owner's equity as of December 31, 2018.

b. Compute the Owner's equity as of December 31, 2019, assuming that assets increased by $130,000 and liabilities decreased by $25,000 during 2019.

Reference no: EM132769475

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