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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, 2041,
Accounting Equation Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 2041, Go109 has assets of $553,200 and liabilities of $174,810. 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 $87,410 and liabilities increased by $52,550 during 20Y2. c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $43,700 and liabilities increased by $15,490 during 20Y2. d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $73,020 and liabilities decreased by $27,660 during 2012. $ e. Net income (or net loss) during 2042, assuming that as of December 31, 20Y2, assets were $697,030, liabilities were $113,410, and there were no additional investments or withdrawals
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