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Be-The-One is a motivational consulting business. At the end of its accounting period, December 31, 20Y2,...

Be-The-One is a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the accounting equation, determine the following amounts:

a. Stockholders' equity as of December 31, 20Y2.
$

b. Stockholders' equity as of December 31, 20Y3, assuming that assets decreased by $65,000 and liabilities increased by $36,000 during 20Y3.
$

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Answer #1

Answer

Since we know that Total assets= Total Liabilities + shareholders equity

Therfore, Shareholders equity=Total asset - Total Liablities

(a) for accounting period ending 31st december 20y2 Be-The-One is a motivational consulting business

Total assets =  $395,000

Total Liabilities=$97,000

Shareholders Equity=  $395,000-$97,000=$298,000(answer)

(b) Now if Total assets decreased by $65,000 during year 20y3

Total assets = $395,000 - $65,000 =$330,000

Liabilities increased by $36,000 during year 20y3

Liabilities = $97,000 + $36,000=$133,000

Therfore,Shareholders equity as on 31st Dec 20y3= $330,000-$133,000=$197,000(answer)

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