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EX 17 Hector Lopez is the sole stockholder and operator of Centillion, a motivational consulting business.
EX 1‐7Hector Lopez is the sole stockholder and operator of Centillion, a motivational consultingbusiness. 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 caseindependently, determine the following amounts:a. Stockholders’ equity, as of December 31, 2007.b. Stockholders’ equity, as of December 31, 2008, assuming that assets increased by$150,000 and liabilities increased by $90,000 during 2008.c. Stockholders’ equity, as of December 31, 2008, assuming that assets decreased by$75,000 and liabilities increased by $27,000 during 2008.d. Stockholders’ equity, 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, assetswere $1,200,000, liabilities were $195,000, and no additional capital stock was issuednor dividends distributedHint: Based on the acccounting equation (A = L + OE), you decide the amount Owner's Equity.
