Answered step by step
Verified Expert Solution
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,
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started