a. Annie Rasmussen, capital, as of December 31, 2018.
b. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $96,500 and liabilities increased by $30,000 during 2019.
c. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets decreased by $168,000 and liabilities increased by $15,000 during 2019.
d. Annie Rasmussen, capital, as of December 31, 2019, assuming that assets increased by $175,000 and liabilities decreased by $18,000 during 2019.
e. Net income (or net loss) during 2019, assuming that as of December 31, 2019, assets were $880,000, liabilities were $220,000, and there were no additional investments or withdrawals.
Answers:
a. $540,000 ($720,000 – $180,000)
b. $606,500 ($540,000 + $96,500 – $30,000)
c. $357,000 ($540,000 – $168,000 – $15,000)
d. $733,000 ($540,000 + $175,000 + $18,000)
e. Net income: $120,000 ($880,000 – $220,000 – $540,000)
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