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Alex Hayden is the sole stockholder and operator of Elevate and Succeed a motivational consulting business. At the end of its accounting period December 31 20Y7 Elevate and Succeed has assets of

Alex Hayden is the sole stockholder and operator of Elevate and Succeed, a motivational consulting business. At the end of its accounting period, December 31, 20Y7, Elevate and Succeed has assets of $1,200,000 and liabilities of $375,000. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders equity, as of December 31, 20Y7. b. Stockholders equity, as of December 31, 20Y8, assuming that assets increased by $150,000 and liabilities increased by $80,000 during 20Y8. c. Stockholders equity, as of December 31, 20Y8, assuming that assets decreased by $200,000 and liabilities increased by $100,000 during 20Y8. d. Stockholders equity, as of December 31, 20Y8, assuming that assets increased by $400,000 and liabilities decreased by $75,000 during 20Y8. e. Net income (or net loss) during 20Y8, assuming that as of December 31, 20Y8, assets were $1,275,000, liabilities were $290,000, and there were no dividends and no additional common stock was issued.

May 14 2020 View more View Less

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