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Determine the following amounts owner equity

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Reference no: EM13512280

Daryl Wallin is the owner and operator of Pima LLC, a motivational consulting business.

At the end of its accounting period, December 31, 2007, Pima has assets of $617,000 and liabilities of $382,000. Using the accounting equation, determine the following amounts:

a. Owner's equity, as of December 31, 2007.

b. Owner's equity, as of December 31, 2008, assuming that assets increased by $114,000 and liabilities decreased by $29,000 during 2008.

Reference no: EM13512280

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