Sid Summitt is the stockholder and operator of Personality Shine LLC, a motivational consulting business. At the end of its accounting period, December 31, 2015, Personality Shine has assets of $811,000 and liabilities of $195,000. Using the accounting equation, determine the following amounts:

a. Stockholders' equity as of December 31, 2015?

b. Stockholders' equity as of December 31, 2016, assuming that assets decreased by $154,000 and liabilities increased by $47,000 during 2016?

Answer rating: 100% (QA)

a Total Assets Total Liabilities Equity 811000 195000 ... View the full answer