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Determine the Stockholders equity as of December

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Question - Jan Petri is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 2017, Our Idol has assets of $718,000 and liabilities of $172,000. Using the accounting equation, determine the following amounts:

a. Stockholders' equity as of December 31, 2017.

b. Stockholders' equity as of December 31, 2018, assuming that assets decreased by $136,000 and liabilities decreased by $41,000 during 2018.

Reference no: EM132783871

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