Que. Tom Jones is the owner and operator of Jones Enterprise, a motivational consulting business. At the end of its accounting period, December 31, 2019, Jones Enterprise has assets of $760,000 and liabilities of 240,000.

Use the accounting equation to calculate the answers in each of the following:

a) Tom Jones, capital, as of December 31, 2019

b) Tom Jones, capital, as of December 31, 2020, assuming that assets increased by $120,000 and liabilities increased by $72,000 during 2020

c) Net income during 2020, assuming that as of December 31, 2020, assets were $960,000, liabilities were $156,000, and there were no additional investments or withdrawals.

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