Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounting Equation Annie Rasmussen is the owner and operator of Go44, a motivational consulting business. At the end of its accounting period, December 31,

image text in transcribed

Accounting Equation 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 $678,430 and liabilities of $214,380. Using the accounting equation and considering each case independently, determine the following amounts. a. Annie Rasmussen, capital, as of December 31, 2018. 464,050 b. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $107,190 and liabilities increased by $64,450 during 2019. 506,790 c. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets decreased by $53,600 and liabilities increased by $19,000 during 2019. 391,450 V d. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $89,550 and liabilities decreased by $33,920 during 2019. 587,520 e. Net income (or net loss) during 2019, assuming that as of December 31, 2019, assets were $854,820, liabilities were $139,080, and there were no additional investments or withdrawals. Feedback Check My Work If you know two figures for the accounting equation (Assets Liabilities Owner's Equity), you can rearrange it to calculate the missing amounts. 715,740 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Belverd E. Needles, Marian Powers

11th edition

1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010

More Books

Students also viewed these Accounting questions

Question

Discuss the implications of Husserls phenomenology for psychology.

Answered: 1 week ago