Brock Hahn is the owner and operator of Dream-It LLC, a motivational consulting business. At the end
Question:
Brock Hahn is the owner and operator of Dream-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2015, Dream-It has assets of $780,000 and liabilities of $150,000. Using the accounting equation, determine the following amounts:
a. Owner's equity as of December 31, 2015.
b. Owner's equity as of December 31, 2016, assuming that assets increased by $90,000 and liabilities increased by $25,000 during 2016.
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Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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