Accounting EquationPenny 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 $863,590 and liabilities of $272,890. Using the accounting equation and considering each case independently, determine the following amounts.a.Penny Lyman, capital, as of December 31, 20Y1.$b.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $136,450 and liabilities increased by $82,040 during 20Y2.$c.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $68,220 and liabilities increased by $24,180 during 20Y2.$fill in the blank 3d.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $113,990 and liabilities decreased by $43,180 during 20Y2.$e.Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $1,088,120, liabilities were $177,040,and there were no additional investments or withdrawals. There is no info missing

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Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 20P

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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 $863,590 and liabilities of $272,890. 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, 20Y2, assuming that assets increased by $136,450 and liabilities increased by $82,040 during 20Y2.	$
c.	Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $68,220 and liabilities increased by $24,180 during 20Y2.	$fill in the blank 3
d.	Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $113,990 and liabilities decreased by $43,180 during 20Y2.	$
e.	Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $1,088,120, liabilities were $177,040, and there were no additional investments or withdrawals.

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