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Using the accounting equation and considering each case independently, determine the following amounts: a. Owner's equity as of May 31, 2012. 4,800,000 ✓ b. Owner's equity as of May 31, 20Y3, assuming that assets increased by $750,000 and liabilities increased by $300,000 during 2013. C. Owner's equity as of May 31, 20Y3, assuming that assets decreased by $700,000 and liabilities increased by $280,000 during 20Y3. d. Owner's equity as of May 31, 20Y3, assuming that assets increased by $350,000 and liabilities decreased by $150,000 during 20Y3.

Using the accounting equation and considering each case independently, determine the following amounts: a. Owner's equity as of May 31, 2012. 4,800,000 ✓ b. Owner's equity as of May 31, 20Y3, assuming that assets increased by $750,000 and liabilities increased by $300,000 during 2013. C. Owner's equity as of May 31, 20Y3, assuming that assets decreased by $700,000 and liabilities increased by $280,000 during 20Y3. d. Owner's equity as of May 31, 20Y3, assuming that assets increased by $350,000 and liabilities decreased by $150,000 during 20Y3.

FINANCIAL ACCOUNTING
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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Accounting equation Captivating Your Audience is a motivational consulting business owned and operated by Edith Kittrell. At the end of its accounting period, May 31, 20Y2, Captivating has assets of $6,650,000 and liabilities of $1,850,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Using the accounting equation and considering each case independently, determine the following amounts: a. Owner's equity as of May 31, 20Y2. 4,800,000 ✓ b. Owner's equity as of May 31, 20Y3, assuming that assets increased by $750,000 and liabilities increased by $300,000 during 20Y3. C. Owner's equity as of May 31, 20Y3, assuming that assets decreased by $700,000 and liabilities increased by $280,000 during 2013. d. Owner's equity as of May 31, 20Y3, assuming that assets increased by $350,000 and liabilities decreased by $150,000 during 2013. e. Net income (or net loss) during 20Y3, assuming that as of May 31, 20Y3, assets were $6,700,000, liabilities were $1,500,000, and the owner made no additional investment in the business or withdrew any cash for personal use. Feedback Check My Work
Transcribed Image Text:Accounting equation Captivating Your Audience is a motivational consulting business owned and operated by Edith Kittrell. At the end of its accounting period, May 31, 20Y2, Captivating has assets of $6,650,000 and liabilities of $1,850,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Using the accounting equation and considering each case independently, determine the following amounts: a. Owner's equity as of May 31, 20Y2. 4,800,000 ✓ b. Owner's equity as of May 31, 20Y3, assuming that assets increased by $750,000 and liabilities increased by $300,000 during 20Y3. C. Owner's equity as of May 31, 20Y3, assuming that assets decreased by $700,000 and liabilities increased by $280,000 during 2013. d. Owner's equity as of May 31, 20Y3, assuming that assets increased by $350,000 and liabilities decreased by $150,000 during 2013. e. Net income (or net loss) during 20Y3, assuming that as of May 31, 20Y3, assets were $6,700,000, liabilities were $1,500,000, and the owner made no additional investment in the business or withdrew any cash for personal use. Feedback Check My Work
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