Patrick miller is the owner and operator of Chicoope LLC, a motivational consulting business. At the end
Question:
Patrick miller is the owner and operator of Chicoope LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Chicoope has assets of $518,000 and liabilities of $165,000. Using the accounting equation, determine the following amounts:
a. Owner’s equity as of December 31, 20Y8.
b. Owner’s equity as of December 31, 20Y9, assuming that assets decreased by $86,200 and liabilities increased by $25,000 during 20Y9.
Step by Step Answer:
Answer a Assets Dec 31 20Y8 518000 Liabi...View the full answer
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.
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