Accounting Equation Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of $863,590 and liabilities of $272,890. Using the accounting equation and considering each case independently, determine the following amounts. a. Penny Lyman, capital, as of December 31, 20Y1. $ b. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $136,450 and liabilities increased by $82,040 during 20Y2. $ c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $68,220 and liabilities increased by $24,180 during 20Y2. $fill in the blank 3 d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $113,990 and liabilities decreased by $43,180 during 20Y2. $ e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $1,088,120, liabilities were $177,040, and there were no additional investments or withdrawals.
Accounting Equation Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of $863,590 and liabilities of $272,890. Using the accounting equation and considering each case independently, determine the following amounts. a. Penny Lyman, capital, as of December 31, 20Y1. $ b. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $136,450 and liabilities increased by $82,040 during 20Y2. $ c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $68,220 and liabilities increased by $24,180 during 20Y2. $fill in the blank 3 d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $113,990 and liabilities decreased by $43,180 during 20Y2. $ e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $1,088,120, liabilities were $177,040, and there were no additional investments or withdrawals.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of $863,590 and liabilities of $272,890. Using the accounting equation and considering each case independently, determine the following amounts.
| a. | Penny Lyman, capital, as of December 31, 20Y1. | $ |
| b. | Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $136,450 and liabilities increased by $82,040 during 20Y2. |
$ |
| c. | Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $68,220 and liabilities increased by $24,180 during 20Y2. |
$fill in the blank 3 |
| d. | Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $113,990 and liabilities decreased by $43,180 during 20Y2. |
$ |
| e. | Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $1,088,120, liabilities were $177,040, and there were no additional investments or withdrawals. |
There is no info missing
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