John Joos 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
$692,000
and liabilities of
$166,000
. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 20 Y 8 .
$
b. Owner's equity as of December 31, 20Y9, assuming that assets increased by
$131,000
and liabilities increased by
$40,000
during 20 Y 9 .
$

Question

John Joos 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

$692,000

and liabilities of

$166,000

. Using the accounting equation, determine the following amounts: a. Owner's equity as of December 31, 20 Y 8 .

$

b. Owner's equity as of December 31, 20Y9, assuming that assets increased by

$131,000

and liabilities increased by

$40,000

during 20 Y 9 .

$

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