Kendra gorman is the owner and operator of mega concepts a

Reference no: EM13584875

Kendra Gorman is the owner and operator of Mega Concepts, a motivational consultingbusiness. At the end of its accounting period, December 31, 2013, Mega Concepts hasassets of $1,250,000 and liabilities of $475,000. Using the accounting equation and considering each case independently, determine the following amounts:

a. Kendra Gorman, capital, as of December 31, 2013.
$_______

b. Kendra Gorman, capital, as of December 31, 2014, assuming that assets increased by $225,000 and liabilities increased by $110,000 during 2014.
$_________

c. Kendra Gorman, capital, as of December 31, 2014, assuming that assets decreased by $300,000 and liabilities increased by $90,000 during 2014.
$________

d. Kendra Gorman, capital, as of December 31, 2014, assuming that assets increased by $550,000 and liabilities decreased by $135,000 during 2014.
$________

e. Net income (or net loss) during 2014, assuming that as of December 31, 2014, assets were $1,500,000, liabilities were $375,000, and there were no additional investments or withdrawals.

net income ________ or net loss_______

Reference no: EM13584875

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