Doug Miller is the owner and operator of Miller's Arcade. At the end of its accounting period, December 31, 2010, Miller'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 $ 31,2010 $.
b. Owner's Equity as of December 31, 2011, assuming that assets increased by $ \$ 65,000 $ and liabilities increased by $ \$ 35,000 $ during 2011

Question

Doug Miller is the owner and operator of Miller's Arcade. At the end of its accounting period, December 31, 2010, Miller'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 $ 31,2010 $.
b. Owner's Equity as of December 31, 2011, assuming that assets increased by $ \$ 65,000 $ and liabilities increased by $ \$ 35,000 $ during 2011

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The Answer of Doug Miller is the owner and operator of Miller's Arcade. At the end of its accounting period, December 31, 2010, Miller'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 $ 31,2010 $.
b. Owner's Equity as of December 31, 2011, assuming that assets increased by $ \$ 65,000 $ and liabilities increased by $ \$ 35,000 $ during 2011

Doug Miller Is the Owner and Operator of Miller's Arcade 31,2010 31,2010 31,2010

Doug Miller Is the Owner and Operator of Miller's Arcade $31,2010$