Question
Accounting Equation Todd Olson is the owner and operator of Alpha, a motivational consulting business. At the end of its accounting period, December 31, 2013,
Accounting Equation
Todd Olson is the owner and operator of Alpha, a motivational consulting business. At the end of its accounting period, December 31, 2013, Alpha has assets of $622,800 and liabilities of $196,800. Using the accounting equation and considering each case independently, determine the following amounts.
| a. | Todd Olson, capital, as of December 31, 2013. | $ |
| b. | Todd Olson, capital, as of December 31, 2014, assuming that assets increased by $98,400 and liabilities increased by $59,170 during 2014. | $ |
| c. | Todd Olson, capital, as of December 31, 2014, assuming that assets decreased by $49,200 and liabilities increased by $17,440 during 2014. | $ |
| d. | Todd Olson, capital, as of December 31, 2014, assuming that assets increased by $82,210 and liabilities decreased by $31,140 during 2014. | $ |
| e. | Net income (or net loss) during 2014, assuming that as of December 31, 2014, assets were $784,730, liabilities were $127,670, and there were no additional investments or withdrawals. |
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Benfords Law
Authors: Mark J. Nigrini
1st Edition
1118152859, 9781118152850
