Question

Inspiration Inc. is a motivation consulting business. At the end of its accounting period, October 31, 2012, Inspiration has assets of $591,460 and liabilities of $186,900. Using the accounting equation and considering each case independently, determine the followimg amounts:

a. Stockholders’ equity as October 31, 2012

$______

b. Stockholders’ equity as of October 31, 2013, assuming that assets incresed by $93,450 and liabilities increased by $56,190 during 2013.

$______

c. Stockholders’ equity as of October 31, 2013, assuming that asset decreased by $46,730 and liabilities increased 16,560 during 2013.

$______

d. Stockholders’ equity as of October, 2013, assuming that asset increased by $78,070 and liabilities decreased by 29,570 during 2013.

$_____

e. Net income (or net loss) during 2013, assuming that as of October 31, 2013 asset were $745,240, liabities were $121, 250, and no additional common stock was issued or dividends paid

______? $_______

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.