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Determine the owner equity

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Question: Shannon Cook is the owner and operator Of Galaxy LLCO a motivational consulting business. At the end Of its accounting period, December 31, 2011, Galaxy has assets of $800,000 and liabilities Of $450,000. Using the accounting equation, determine the following amounts:

a. Owner's equity, as Of December 31, 2011.

b. Owner's equity, as of December 31, 2012, assuming that assets increased by $175,000 and liabilities decreased by $60,000 during 2012.

Reference no: EM132737980

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