FIN. ACCT. CUSTOM F17 BUNDLE
8th Edition
ISBN: 9781119463504
Author: Kimmel
Publisher: WILEY C
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Annie Rasmussen is the owner and operator of Go44, a motivational consulting business.At the end of its accounting period, December 31, 2018, Go44 has assets of $720,000 and liabilities of $180,000. Using the accounting equation and considering each case independently,determine the following amounts:a. Annie Rasmussen, capital, as of December 31, 2018.b. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $96,500 and liabilities increased by $30,000 during 2019.c. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets decreased by $168,000 and liabilities increased by $15,000 during 2019.d. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $175,000 and liabilities decreased by $18,000 during 2019.e. Net income (or net loss) during 2019, assuming that as of December 31, 2019, assets were $880,000, liabilities were $220,000, and there were no additional investments or withdrawals.
Boy Car Repair Shop started the business with total assets of P200,000 and totalliabilities of P50,000 on January 1, 2019. During the year, the business recordedrevenues of P190,400 and P95,600 expenses and Samson withdrew P21,500.
_____3. What is the correct balance of the Boy, Capital account at the end of theyear?
_____4. Based on number 3, what kind of financial statements to be prepared?A. Statement of Financial PositionB. Statement of Changes in Owner’s EquityC. Income StatementD. Cash Flows Statement
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 $659,000 and liabilities of $165,000. Using the accounting equation and considering each case independently, determine the following amounts:
a. Penny Lyman, capital, as of December 31, 20Y1.$fill in the blank 1
b. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $88,000 and liabilities increased by $27,000 during 20Y2.$fill in the blank 2
c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $151,000 and liabilities increased by $13,000 during 20Y2.$fill in the blank 3
d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $152,000 and liabilities decreased by $16,000 during 20Y2.$fill in the blank 4
e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $782,000, liabilities were $196,000, and…
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