Solution-Determine the Owner equity as of December

Determine the Owner equity as of December

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Reference no: EM132679254

Problem - Shannon Cook is the owner and operator of Galaxy LLC, 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: EM132679254

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Determine the Owner equity as of December

Reference no: EM132679254

Reference no: EM132679254

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