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 $578,240 and liabilities of $182,720. Using the accounting equation and consideri 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 $91,360 and liabilities increased by $54,930 during 20Y2. c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $45,680 and liabilities increased by $16,190 during 20Y2. d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $76,330 and liabilities decreased by $28,910 during 20Y2. e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $728,580, liabilities were $118,540, and there were no additional investments or withdrawals.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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 $578,240 and liabilities of $182,720. 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 $91,360 and liabilities increased by
$54,930 during 20Y2.
c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $45,680 and liabilities increased by
$16,190 during 20Y2.
d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $76,330 and liabilities decreased by
$28,910 during 20Y2.
e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $728,580, liabilities were $118,540,
and there were no additional investments or withdrawals.
Transcribed Image Text: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 $578,240 and liabilities of $182,720. 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 $91,360 and liabilities increased by $54,930 during 20Y2. c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $45,680 and liabilities increased by $16,190 during 20Y2. d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $76,330 and liabilities decreased by $28,910 during 20Y2. e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $728,580, liabilities were $118,540, and there were no additional investments or withdrawals.
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Accounting equation:

Accounting equation is an accounting tool expressed in the form of equation, by creating a relation between resources or assets of a business and claims on the resources by the creditors, and the owners.

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