Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end

Question:

Terry Fleming is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2018, Go-For-It has assets of $675,000 and liabilities of $215,000. Using the accounting equation, determine the following amounts:
a. Owner's equity as of December 31, 2018.
b. Owner's equity as of December 31, 2019, assuming that assets increased by $112,300 and liabilities increased by $32,000 during 2019.