Question

Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31,
2041, Go 109 has assets of $659,000 and liabilities of $165,000. Using the accounting equation and considering each case independently,
determine the following amounts

Answer 1

Based on the accounting equation, the amount for each case can be independently determined as follows:

a. The Penny Lyman, capital, as of December 31, 20Y1, is $494,000.

b. If assets increased by $88,000 and liabilities increased by $27,000, the Penny Layman, capital, as of December 31, 20Y2, is $555,000.

c. If assets decreased by $151,000 and liabilities increased by $13,000, the Penny Layman, capital, as of December 31, 20Y2, is $330,000.

d. If assets increased by $152,000 and liabilities decreased by $16,000 during 20Y2, the Penny Layman, capital, as of December 31, 20Y2, is $672,000.

e. Assuming that as of December 31, 20Y2, assets were $782,000, liabilities were $196,000, and there were no additional investments or withdrawals, and the capital remained $494,000 of 20Y1, then the net income or (loss) for 20Y2 is $92,000 ($782,000 - $196,000 - $494,000)

Data and Calculations:

Assets at December 31, 20Y1 =$659,000

Liabilities = $165,000

Capital = Assets - Liabilities

= $494,000 ($659,000 - $165,000)

20Y2:

Assets = $747,000 ($659,000 + $88,000)

Liabilities = $192,000 ($165,000 + $27,000)

Capital = $555,000 ($747,000 - $192,000)

Question C:

Assets = $508,000 ($659,000 - $151,000)

Liabilities = $178,000 ($165,000 + $13,000)

Capital = $330,000 ($508,000 - $178,000)

Question d:

Assets = $821,000 ($659,000 + $162,000)

Liabilities = $149,000 ($165,000 - $16,000)

Capital = $672,000 ($821,000 - $149,000)

Question Completion:

a. Penny Lyman, capital, as of December 31, 20Y1. $

b. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $88,000 and liabilities increased by $27,000 during 20Y2. $

c. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $151,000 and liabilities increased by $13,000 during 20Y2. $

d. Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $152,000 and liabilities decreased by $16,000 during 20Y2.

e. Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $782,000, liabilities were $196,000, and there were no additional investments or withdrawals.

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