Jason Seagle is the sole stockholder and operator of Go-For-It, a motivational consulting business….

Jason Seagle is the sole stockholder and operator of Go-For-It, a motivational consulting business. At the end of its accounting period, December 31, 2004, Go-For-It has assets of $325,000 and liabilities of $142,000. Using the accounting equation and considering each case independently, determine the following amounts:

a. Stockholders’ equity as of December 31, 2004.

b. Stockholders’ equity as of December 31, 2005, assuming that assets increased by

$84,000 and liabilities increased by $37,000 during 2005.

c. Stockholders’ equity as of December 31, 2005, assuming that assets decreased by $8,000 and liabilities increased by $17,000 during 2005.

d. Stockholders’ equity as of December 31, 2005, assuming that assets increased by $75,000 and liabilities decreased by $17,500 during 2005.

e. Net income (or net loss) during 2005, assuming that as of December 31, 2005, assets were $425,000, liabilities were $105,000, and there were no additional investments or dividends.

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