Selby hinkle is the sole stockholder and operator of osaka, Ask an Expert

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Selby Hinkle is the sole stockholder and operator of Osaka, amotivational consulting business. At the end of its accountingperiod, December 31, 2007, Osaka has assets of $800,000 andliabilities of $375,000. Using the accounting equation andconsidering each case independently, determine the following amounts:

a. Stockholders'equity, as of December 31, 2007.

b. Stockholders' equity, asof December 31, 2008, assuming that assets increased by $125,000and liabilities increased by $60,000 during 2008.

c. Stockholders'equity, as of December 31, 2008, assuming that assets decreased by$100,000 and liabilities increased by $40,000 during 2008.

d. Stockholders' equity, asof December 31, 2008, assuming that assets increased by $80,000 andliabilities decreased by $200,000 during 2008.

e. Net income (or net loss)during 2008, assuming that as of December 31, 2008, assets were$910,000, liabilities were $400,000, and there were no dividendsand no additional capital stock was issued.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9992142

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