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Determine stockholders equity as of december

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Question - Shannon Cook is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Galaxy has assets of $799,000 and liabilities of $192,000. Using the accounting equation, determine the following amounts:

Required -

a. Determine Stockholders' equity as of December 31, 20Y2.

b. Determine Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $152,000 and liabilities increased by $46,000 during 20Y3.

Reference no: EM132638443

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