Question

Accounting Equation Inspirational Inc is a motivational consulting business. At the end of its accounting penod, October 31, 20Y2 Inspirational hฮs assets of丰697,140 and liabilities of $220,300. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders' equity as of October 31, 20Y2. b. Stockholders' equity as of October 31, 20V3, assuming that assets increased by $110, 150 and liabilities increased by $66,230 during 2013. c. Stockholders' equity as of October 31, 20Y3, assuming that assets decreased by $55,070 and liabilities increased by $19,520 during 20Y3. d. Stockholders' equity as of October 31, 20V3, assuming that assets increased by $92,020 and liabilities decreased by $34,860 during 20V3. e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $878,400, liabilities were $142,910, and no additional common stock was issued or dividends paid

Answer 1