Kendra Gorman is the owner and operator of Mega Concepts, a motivational consulting business. At the end
Question:
a. Kendra Gorman, capital, as of December 31, 2013.
b. Kendra Gorman, capital, as of December 31, 2014, assuming that assets increased by $225,000 and liabilities increased by $110,000 during 2014.
c. Kendra Gorman, capital, as of December 31, 2014, assuming that assets decreased by $300,000 and liabilities increased by $90,000 during 2014.
d. Kendra Gorman, capital, as of December 31, 2014, assuming that assets increased by $550,000 and liabilities decreased by $135,000 during 2014.
e. Net income (or net loss) during 2014, assuming that as of December 31, 2014, assets were $1,500,000, liabilities were $375,000, and there were no additional investments or withdrawals.
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Related Book For
Accounting
ISBN: 978-1133607601
25th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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