Hector Lopez is the owner and operator of Centillion, a motivational consulting business.
At the end of its accounting period, December 31, 2007, Centillion has assets of $950,000 and liabilities of $300,000. Using the accounting equation and considering each case independently, determine the following amounts:
a. Hector Lopez, capital, as of December 31, 2007.
b. Hector Lopez, capital, as of December 31, 2008, assuming that assets increased by $150,000 and liabilities increased by $90,000 during 2008.
c. Hector Lopez, capital, as of December 31, 2008, assuming that assets decreased by $75,000 and liabilities increased by $27,000 during 2008.
d. Hector Lopez, capital, as of December 31, 2008, assuming that assets increased by $125,000 and liabilities decreased by $48,000 during 2008.
e. Net income (or net loss) during 2008, assuming that as of December 31, 2008, assets were $1,200,000, liabilities were $195,000, and there were no additional investments or withdrawals.
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