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Determine the owner equity as of december

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Accounting Equation

Katherine Brewer is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go-For-It has assets of $762,000 and liabilities of $183,000.

Problem 1: Using the accounting equation, determine the following amounts:

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

b. Owner's equity as of December 31, 2019, assuming that assets increased by $145,000 and liabilities increased by $44,000 during 2019.

Reference no: EM132626622

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