Accounting equation Dream-It LLC is a motivational consulting business. At the end of its accounting period, December 31, 2015, Dream-It has assets of $780,000 and liabilities of $150,000. Using the...

Accounting equation

Dream-It LLC is a motivational consulting business. At the end of its accounting period, December 31, 2015, Dream-It has assets of $780,000 and liabilities of $150,000. Using the accounting equation, determine the following amounts:

a. Stockholders’ equity as of December 31, 2015.

b. Stockholders’ equity as of December 31, 2016, assuming that assets increased by $90,000 and liabilities increased by $25,000 during 2016.