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Determine the Stockholders equity as of December

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Reference no: EM132620519

Problem - Katherine Brewer 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 $508,000 and liabilities of $122,000. Using the accounting equation, determine the following amounts:

Required -

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

b. Stockholders' equity as of December 31, 20Y3, assuming that assets decreased by $97,000 and liabilities decreased by $29,000 during 20Y3.

Reference no: EM132620519

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