Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Annie Rasmussen is the owner and operator of Go44, a motivational consultingbusiness. At the end of itsaccountingperiod, December 31, 2018, Go44 hasassetsof $720,000 andliabilitiesof $180,000.

image text in transcribed

Annie Rasmussen is the owner and operator of Go44, a motivational consultingbusiness. At the end of itsaccountingperiod, December 31, 2018, Go44 hasassetsof $720,000 andliabilitiesof $180,000. Using the accounting equation and considering each case independently, .... the following amounts:

a.Annie Rasmussen, capital, as of December 31, 2018.

$fill in the blank 1

b.Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $96,500 and liabilities increased by $30,000 during 2019.

$fill in the blank 2

c.Annie Rasmussen, capital, as of December 31, 2019, assuming that assets decreased by $168,000 and liabilities increased by $15,000 during 2019.

$fill in the blank 3

d.Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $175,000 and liabilities decreased by $18,000 during 2019.

$fill in the blank 4

e.Net income(ornet loss) during 2019, assuming that as of December 31, 2019, assets were $880,000, liabilities were $220,000, and there were no additional investments or withdrawals.

$fill in the blank 6

image text in transcribedimage text in transcribed
CengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome v2.cengagenow.com/ilrn/takeAssignment/printUntakenAssignment.do?assignmentld=2687037 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Transactions Bridgeport Delivery Service is owned and operated by Jerome Foley. The following selected transactions were completed by Bridgeport Delivery Service during February: the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity). Also indicate the specific account within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $40,000; Owner's Equity (Jerome Foley, Capital) increases by $40,000, Element Item Direction 1. Received cash from owner as additional investment, $40,000. Asset Cash Increases Owner's Equity Jerome Foley, Capital Increases 2. . Billed customers for delivery services on account, $13,750. 3. Paid creditors on account, $2,500. 4. Received cash from customers on account, $9,000. 7:55 e 2/17 Type here to search O mCengageNOWv2 | Online teaching and learning resource from Cengage Learning - Google Chrome v2.cengagenow.com/ilrn/takeAssignment/printUntakenAssignment.do?assignmentld=2687037 ngageNOWv2 | Online teaching and learning resource from Cengage Learning close Win 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 $720,000 and liabilities of $180,000. Using the accounting equation and considering each case independently, - the following amounts: Annie Rasmussen, capital, as of December 31, 2018. b. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $96,500 and liabilities increased by $30,000 during 2019. c. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets decreased by $168,000 and liabilities increased by $15,000 during 2019. $ d. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $175,000 and liabilities decreased by $18,000 during 2019. e. Net income (or net loss) during 2019, assuming that as of December 31, 2019, assets were $880,000, liabilities were $220,000, and there were no additional investments or withdrawals. 7:56 PM e 8 2/17/2021 Type here to search O DELL

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_2

Step: 3

blur-text-image_3

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

Government and Not-for-Profit Accounting Concepts and Practices

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith

8th edition

1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857

More Books

Students also viewed these Accounting questions

Question

5. Why are laser toner cartridges so expensive?

Answered: 1 week ago

Question

6. How can a message directly influence the interpreter?

Answered: 1 week ago