John joos is the owner and operator of way to go llc, a motivational consulting business. at the end of its accounting period, december 31, 2013, way to go has assets of $669,000 and liabilities of $161,000. 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 $127,000 and liabilities decreased by $39,000 during 2014.

a)December 31, 2013 Owner's equity = 508,000

b)December 31, 2014 Owner's equity = 420,000

Explanation:

Accounting Equation Formula: Owner's Equity = Assets - Liabilities  

A)Way to Go LLC December 31, 2013

Owner's Equity = Assets – Liabilities

Owner's Equity = 669,000 – 161,000

Owner's Equity = 508,000

B)Way to Go LLC  December 31, 2014

Owner's Equity = Assets – Liabilities

Owner's Equity = (669,000-127,000) – (161,000-39,000)

Owner's Equity = 420,000

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