Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $869,840 and liabilities of $274,870. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders' equity as of October 31, 20Y2. $ 594,970 V b. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $137,430 and liabilities increased by $82,630 during 20Y3. 649,770 c. Stockholders' equity as of October 31, 20Y3, assuming that assets decreased by $68,720 and liabilities increased by $24,360 during 20Y3. $4 501,890 V d. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $114,820 and liabilities decreased by $43,490 during 20Y3. 753,280 V e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $1,096,000, liabilities were $178,320, and no additional common stock was issued or dividends paid. Net income v

Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $869,840 and liabilities of $274,870. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders' equity as of October 31, 20Y2. $ 594,970 V b. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $137,430 and liabilities increased by $82,630 during 20Y3. 649,770 c. Stockholders' equity as of October 31, 20Y3, assuming that assets decreased by $68,720 and liabilities increased by $24,360 during 20Y3. $4 501,890 V d. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $114,820 and liabilities decreased by $43,490 during 20Y3. 753,280 V e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $1,096,000, liabilities were $178,320, and no additional common stock was issued or dividends paid. Net income v

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 1.2BE

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