FIN. ACCT. CUSTOM F17 BUNDLE
8th Edition
ISBN: 9781119463504
Author: Kimmel
Publisher: WILEY C
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,give your opinion from the financial accounting perspective. ( You may refer to an appropriate accounting principle.) .Assume a financial year from 1st January -31st Dec 2022. The accountant had deliberately not disclosed that the business had lost Kshs.500,000 following a robbery that took place during that year and that the money was not insured.
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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Task: Your close friend Leslie Lazier is the owner and operator of Lazier Tech, Inc., which wasorganized in 2017. The company’s accountant resigned suddenly in early 2018 without leaving acontact number and Leslie was left with several unanswered questions as it relates to thecomposition of the company’s paid in capital and the total stockholders’ equity. At December31, 2017, the Lazier Tech reported the following extract from the company’s balance sheet.Preferred stock, 6%, $40 par, 1,000,000 shares authorized, none issued $ 0Common stock, $4 par, 600,000 shares authorized, 100,000 shares issued andoutstanding400,000Paid-in capital in excess of par—common $120,000Retained earnings $60,000
During 2018, the company completed the following selected transactions:a. Issued for cash 25,000 shares of preferred stock at par value.b. Issued for cash 40,000 shares of common stock at a price of $10 per share.c. Net income for…
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