Question
In: Accounting
Fritz evans is the owner and operator of Be The One , a motivational consulting business.
Fritz evans is the owner and operator of Be The One , a motivational consulting business. At the end of its accounting period, December 31,2018,Be The One has assets of $3,95,000 and liabilities of $97,000.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 the assets decreased by $65,000 and liabilties increased by $36,000 during 2019
Solutions
Expert Solution
Calculation of total assets
Total assets = $3,95,000 - $65,000
= $3,30,000
Calculation of total liabities
Total liabilities = $97,000 + $36,000
= $1,33,000
Calculation of owner's equity using accounting equation
Assets = Liabilities + Owner's Equity
$3,30,000 = $1,33,000 + Owner's Equity
Owner's Equity = $3,30,000 - $1,33,000
= $1,97,000
Owner's Equity as of December 31,2019 using accounting equation is $,197,000
balaji rao answered 2 years agoRelated Solutions
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