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 $598,990 and liabilities of $189,280. Using the accounting equation and considering each case independently, determine the following amounts. a. Penny Lyman, capital, as of December 31, 20Y1. $fill in the blank 1 b. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $94,640 and liabilities increased by $56,900 during 20Y2. $fill in the blank 2 c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $47,320 and liabilities increased by $16,770 during 20Y2. $fill in the blank 3 d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $79,070 and liabilities decreased by $29,950 during 20Y2. $fill in the blank 4 e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $754,730, liabilities were $122,790, 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 $598,990 and liabilities of $189,280. Using the accounting equation and considering each case independently, determine the following amounts. a. Penny Lyman, capital, as of December 31, 20Y1. $fill in the blank 1 b. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $94,640 and liabilities increased by $56,900 during 20Y2. $fill in the blank 2 c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $47,320 and liabilities increased by $16,770 during 20Y2. $fill in the blank 3 d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $79,070 and liabilities decreased by $29,950 during 20Y2. $fill in the blank 4 e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $754,730, liabilities were $122,790, and there were no additional investments or withdrawals.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.4E: The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total...
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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 $598,990 and liabilities of $189,280. Using the accounting equation and considering each case independently, determine the following amounts.
a. | Penny Lyman, capital, as of December 31, 20Y1. | $fill in the blank 1 |
b. | Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $94,640 and liabilities increased by $56,900 during 20Y2. |
$fill in the blank 2 |
c. | Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $47,320 and liabilities increased by $16,770 during 20Y2. |
$fill in the blank 3 |
d. | Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $79,070 and liabilities decreased by $29,950 during 20Y2. |
$fill in the blank 4 |
e. | Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $754,730, liabilities were $122,790, and there were no additional investments or withdrawals. |
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