Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business.
At the end of its accounting period, December 31, 2013, Be-The-One has assets of $395,000
and liabilities of $97,000. 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 decreased by $65,000
and liabilities increased by $36,000 during 2014.
PE
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