(Answered) 1 paul eberly is the owner and operator of youre great a

Accounting

1. Paul Eberly is the owner and operator of You're Great, a motivational consulting business. At the end of its accounting period, December 31, 2009, You're Great has assets of $475,000 and liabilities of $115,000.Using the accounting equation, determine the following amounts:

a. Owner's equity, as of December 31, 2009.

b. Owner's equity, as of December 31, 2010, assuming that assets increased by $90,000 and liabilities increased by $28,000 during 2010.

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