Question
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
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 $581,110 and liabilities of $183,630. 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 $91,820 and liabilities increased by $55,210 during 2014. | $ |
| c. | Todd Olson, capital, as of December 31, 2014, assuming that assets decreased by $45,910 and liabilities increased by $16,270 during 2014. | $ |
| d. | Todd Olson, capital, as of December 31, 2014, assuming that assets increased by $76,710 and liabilities decreased by $29,060 during 2014. | $ |
| e. | Net income (or net loss) during 2014, assuming that as of December 31, 2014, assets were $732,200, liabilities were $119,130, and there were no additional investments or withdrawals. | $ |
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
AML Auditing Understanding Subcustodian Network Management What Every AML KYC Auditor Should Know
Authors: Bob Walsh
1st Edition
1539592405, 978-1539592402
