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Determine the stockholders equity as of december

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Question - Accounting Equation

Sid Summitt is the stockholder and operator of You're A Star LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, You're A Star has assets of $700,000 and liabilities of $168,000. Using the accounting equation, determine the following amounts:

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

b. Stockholders' equity as of December 31, 20Y3, assuming that assets decreased by $133,000 and liabilities decreased by $40,000 during 20Y3.

Reference no: EM132605654

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