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Accounting

Katherine Brewer is the owner and operator of Personality Shine LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Personality Shine has assets of $756,000 and liabilities of $181,000. Using the accounting equation, determine the following amounts:
a. Owner's equity as of December 31, 2013.
b. Owner's equity as of December 31, 2014, assuming that assets increased by $144,000 and liabilities decreased by $43,000 during 2014.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9860820

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