Answered: Shannon Cook is the owner and operator…

Name: Shannon Cook is the owner and operator of Go-For-It LLC, a motivationa
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Description: Shannon Cook is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $744,000 and liabilities of $179,000. Using the accounting equation, determin

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

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Shannon Cook is the owner and operator of Go-For-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Go-For-It has assets of $744,000 and liabilities of $179,000. Using the accounting equation, determine the following amounts:

a. Owner's equity as of December 31, 20Y8.
$fill in the blank 1

b. Owner's equity as of December 31, 20Y9, assuming that assets increased by $141,000 and liabilities increased by $43,000 during 20Y9.
$fill in the blank 2

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