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Determine the owner equity

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Question - Sid Summitt is the owner and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Our Idol has assets of $728,000 and liabilities of $175,000. 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 $138,000 and liabilities increased by $42,000 during 2014.

Reference no: EM131574161

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