Accounting Equation
Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of $851,640 and liabilities of $269,120. Using the accounting equation and considering each case independently, determine the following amounts.
a.Penny Lyman, capital, as of December 31, 20Y1.$fill in the blank 1b.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $134,560 and liabilities increased by
$80,910 during 20Y2.$fill in the blank 2c.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets decreased by $67,280 and liabilities increased by
$23,850 during 20Y2.$fill in the blank 3d.Penny Lyman, capital, as of December 31, 20Y2, assuming that assets increased by $112,420 and liabilities decreased by
$42,580 during 20Y2.$fill in the blank 4e.Net income (or net loss) during 20Y2, assuming that as of December 31, 20Y2, assets were $1,073,070, liabilities were $174,590,
and there were no additional investments or withdrawals.$fill in the blank 5
