At December 31 of the Current Year,Martin Consultants Has Assets

question 28

Essay

At December 31 of the current year,Martin Consultants has assets of $430,000 and liabilities of $205,000.Using the accounting equation and considering each case independently,determine the following:
a Stockholders' equity,as of December 31.
b Stockholders' equity,as of December 31 of the next year,assuming that assets increased by $12,000 and liabilities increased by $15,000.
c Stockholders' equity,as of December 31 of the next year,assuming that assets decreased by $8,000 and liabilities increased by $14,000.

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Definitions:

IT Architecture

The structural design of information technology systems and services, including the physical and software components, their interrelationships, and the principles governing their design and evolution.

Applications Software

Programs designed to carry out specific tasks for the user, such as word processors, web browsers, and email clients.

IS Planning Process

The strategic process within organizations aimed at identifying information system needs to support business objectives and operations.

Strategic Plan

A systematic process of envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.