Reference no: EM132874788
Problem - Accounting equation - Todd Olson is the owner and operator of Alpha, a motivational consulting business. At the end of its accounting period, December 31, 2011, Alpha has assets of $800,000 and liabilities of $350,000. Using the accounting equation and considering each case independently, determine the following amounts:
a. Todd Olson, capital, as of December 31, 2011.
b. Todd Olson, capital, as of December 31, 2012, assuming that assets increased by $150,000 and liabilities increased by $70,000 during 2012.
c. Todd Olson, capital, as of December 31, 2012, assuming that assets decreased by $60,000 and liabilities increased by $20,000 during 2012.
d. Todd Olson, capital, as of December 31, 2012, assuming that assets increased by $100,000 and liabilities decreased by $40,000 during 2012..
e. Net income (or net loss) during 2012, assuming that as of December 31, 2012, assets were $975,000, liabilities were $400,000, and there were no additional investments or withdrawals.
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