Jan Petri is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Galaxy has assets of $788,000 and liabilities of $189,000. Using the accounting equation, determine the following amounts: a.  Stockholders' equity as of December 31, 20Y2.$fill in the blank 1 b.  Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $150,000 and liabilities decreased by $45,000 during 20Y3.$fill in the blank 2

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 68SGR
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Jan Petri is the stockholder and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Galaxy has assets of $788,000 and liabilities of $189,000. Using the accounting equation, determine the following amounts:

a.  Stockholders' equity as of December 31, 20Y2.
$fill in the blank 1

b.  Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $150,000 and liabilities decreased by $45,000 during 20Y3.
$fill in the blank 2

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