Bryan Segota is the sole stockholder and operator of Thatch, a motivational consulting business. At the end of its accounting period, December 31, 2010, Thatch has assets of $760,000 and liabilities of $240,000. Using the accounting equation and considering each case independently, determine the following amounts:
a. Stockholders’ equity, as of December 31, 2010.
b. Stockholders’ equity, as of December 31, 2011, assuming that assets increased by $120,000 and liabilities increased by $72,000 during 2011.
c. Stockholders’ equity, as of December 31, 2011, assuming that assets decreased by $60,000 and liabilities increased by $21,600 during 2011.
d. Stockholders’ equity, as of December 31, 2011, assuming that assets increased by $100,000 and liabilities decreased by $38,400 during 2011.
e. Net income (or net loss) during 2011, assuming that as of December 31, 2011, assets were $960,000, liabilities were $156,000, and there were no dividends and no additional capital stock was issued.