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 $591,430 and liabilities of $186,890. 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 $93,450 and liabilities increased by $56,190 during 20Y2. c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $46,720 and liabilities increased by $16,560 during 20Y2. d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $78,070 and liabilities decreased by %24 $29,570 during 20Y2. e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $745,200, liabilities were $121,240, and there were no additional investments or withdrawals.

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 $591,430 and liabilities of $186,890. 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 $93,450 and liabilities increased by $56,190 during 20Y2. c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $46,720 and liabilities increased by $16,560 during 20Y2. d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $78,070 and liabilities decreased by %24 $29,570 during 20Y2. e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $745,200, liabilities were $121,240, and there were no additional investments or withdrawals.

Name: Penny Lyman is the owner and operator of Go109, a motivational consul
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Description: 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 $591,430 and liabilities of $186,890. Using the accounting equation and considering each c

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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