Dave Ryan is the owner and operator of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $450,000 and liabilities of $125,000. Using the accounting equation, determine the following amounts: a) Owner's equity as of December 31 of the current year. $fill in the blank 1 b) Owner's equity as of December 31 at the end of the next year, assuming that assets increased by $65,000 and liabilities increased by $35,000 during the year. $fill in the blank 2

Answer:

325000

355000

Explanation:

Owner's equity formula: assets - liabilities

Question one:

450000-125000= 325000

Question two:

(450000+65000)-(125000+35000)= 355000

a) Stockholders' equity  = $411,690

b) Stockholders' equity = $477,930

Dave Ryan is the owner and operator of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $450,000 and liabilities of $125,000.

Accounting equation is defined as Assets = Liabilities + Equity.  If t the end of its accounting period, December 31, Ryan's Arcade has assets of $632,000 and liabilities of $220,310, the Stockholders' equity as of December 31 of the current year would be determined as follows:

$632,000 = $220,310 + Equity

Stockholders' equity  = $632,000 - $220,310

Stockholders' equity  = $411,690

If assets increased by $84,040 and liabilities increased by $17,800 during the next year, then Stockholders' equity would be determined as follows $632,000 + $84,040 = $220,310 + $17,800 + Equity

$716,040 = $238,110 + Equity

Stockholders' equity  = $477,930

Owner's equity as of December 31 at the end of the next year, assuming that assets increased by $65,000 and liabilities increased by $35,000 during the year.

Therefore, Dave Ryan is the owner and operator of Ryan's Arcade. At the end of its accounting period, December 31, Ryan's Arcade has assets of $450,000 and liabilities of $125,000.

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