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azamat
3 years ago
5

Sid Summitt is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting pe

riod, December 31, 2017, Our Idol has assets of $502,000 and liabilities of $120,000. 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 $117,000 and liabilities decreased by $36,000 during 2018.
$
Business
1 answer:
bagirrra123 [75]3 years ago
3 0

Answer:

a. Stockholder's equity as of December 31,2017 = Assets - Liabilities

= $502,000 - $120,000

= $382,000

b. Stockholder's equity as of December 31,2018 = $382,000-($117000 - $36000) = $229,000

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