Accounting Equation Penny Lyman is the owner and operator of Go109, a motivational consulting business. At...

 

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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 $698,980 and liabilities of $220,880. 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, 2012, assuming that assets increased by $110,440 and liabilities increased by $66,400 during 2012. c. Penny Lyman, capital, as of December 31, 2012, assuming that assets decreased by $55,220 and liabilities increased by $19,570 during 20Y2. d. Penny Lyman, capital, as of December 31, 2012, assuming that assets increased by $92,270 and abilities decreased by $34,950 during 2012. e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $880,710, liabilities were $143,290, and there were no additional investments or withdrawals. 00000 478,100 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 $698,980 and liabilities of $220,880. 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, 2012, assuming that assets increased by $110,440 and liabilities increased by $66,400 during 2012. c. Penny Lyman, capital, as of December 31, 2012, assuming that assets decreased by $55,220 and liabilities increased by $19,570 during 20Y2. d. Penny Lyman, capital, as of December 31, 2012, assuming that assets increased by $92,270 and abilities decreased by $34,950 during 2012. e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $880,710, liabilities were $143,290, and there were no additional investments or withdrawals. 00000 478,100

Answer rating: 100% (QA)

Assets Liabilities Penny Lyman Capital Penny Lyman Capital Assets Liabilities Solutiona Penny Lyman ... View the full answer