Determine the owner equity as of December

Assignment Help Financial Accounting
Reference no: EM133122078

Question - Jan Petri is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $837,000 and liabilities of $201,000. Using the accounting equation, determine the following amounts:

a. Determine the owner's equity as of December 31, 20Y8.

b. Determine the owner's equity as of December 31, 2019, assuming that assets increased by $159,000 and liabilities Increased by $48,000 during 2019.

Reference no: EM133122078

Questions Cloud

What would be an approximate market price per share : If the common stock had a market price of $228 per share before the stock split, what would be an approximate market price per share after the split
PU5532 Health Informatics Assignment : PU5532 Health Informatics Assignment Help and Solution, University of West London - Assessment Writing Service
What is the cost of goods available for sale : The company has an effective tax rate of 18%. Bramble uses the periodic inventory method. What is the cost of goods available for sale
Journalize the adjusting entries at July : Journalize the adjusting entries at July 31 on the books of Wildhorse Company. Credit account titles are automatically indented when amount is entered
Determine the owner equity as of December : Determine the owner's equity as of December 31, 2019, assuming that assets increased by $159,000 and liabilities Increased by $48,000 during 2019
Complete lock-up activity and weatherboards activity : Identify & produce estimated costs for building & construction projects - Complete Lock-up Activity and Weatherboards Activity
What are? carraway operating and cash conversion? cycles : Carraway Seed Company Inc. has for many years cultivated and sold what are known as heritage plants and seeds. For? example, the company has sought out older va
Calculate the fair total forward price : Sarah, a portfolio manager plans to buy 1-month Treasury bills in 2 months. The total face amount of securities she plans to buy is $15 million.
New set of rules for investment : Why the Federal Open Market Committee (FOMC) adopted a new set of rules for investment and trading for senior officials?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Discuss the listing rules governing listed companies

ACC701 Accounting Financial Assignment - Visit the ASX website and discuss the Listing Rules ( 8 principles) governing listed companies

  What is the loan impairment to be recorded under aspe

No adjustment has been made for the impairment of the loan receivable. What is the Loan impairment to be recorded under ASPE and IFRS

  Explain the intuition behind the net present value

Explain the intuition behind the Net Present Value (NPV) investment rule, and why this is a good rule to use when deciding on whether to undertake projects

  Determine the acquisition cost of the equipment

On January 1, 2016, Ruby Company purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Ruby paid for the purchase on January 8. Determine th..

  How item should be dealt with in the financial statements

Robby purchased plant, property and equipment, Explain how the item should be dealt with in the financial statements of Robby for the year ended 31 May 20X2.

  Discuss the tax shield advantage

How you approached these calculations, discuss the tax shield advantage that debt capital provides, and briefly explain the cost of capital and WACC

  Journal entry to record the issuance of the bonds

A Salon issued $500,000, 6%, 5-year bonds on 1/1/18. The bonds pay interest every December 31.

  Explain what calculated value means

Please describe the circumstances of the case study and make the required recommendations. Explain your approaches to the problems, perform relevant calculation

  Prepare an income statement for the month of june

John Anderson opens his law office on June 1, 2013. Prepare a tabular summary of the transactions and an income statement for the month of June 30.

  Classify the preceding costs as either fixed and variable

Classify the preceding costs as either fixed, variable, or mixed. Use the following tabular heading and place an legal fees paid to attorneys in defense of the company in a patent infringement suit, $25,000 plus $160 per hour

  How much would they offer for this annuity

If they would have wanted to earn a 15 percent on that cash flow, how much would they offer for this annuity

  Find and state safe boards ltd can classify the teleco bonds

Find and State whether Safe Boards Ltd can classify the Teleco bonds as being measured at amortised cost. If measured at amortised cost.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd