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Megan Newell is the owner and operator of Ultima LLC a motivational consulting business. At the end of its accounting period December 31 2013 Ultima has assets of $942000 and liabilities

Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of $584,000. 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 increased by $113,000 and liabilities increased by $44,000 during 2014. View Solution:

Apr 01 2020 View more View Less

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