Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,950,000 and liabilities of $1,850,000. Using the accounting equation and considering each case independently, determine the following amounts. Round your answers to the nearest dollar. Stockholders’ equity as of October 31, 20Y2. $ fill in the blank 2 Stockholders’ equity as of October 31, 20Y3, assuming that assets increased by $850,000 and liabilities increased by $250,000 during 20Y3. $ fill in the blank 3 Stockholders’ equity as of October 31, 20Y3, assuming that assets decreased by $800,000 and liabilities increased by $150,000 during 20Y3. $ fill in the blank 4 Stockholders’ equity as of October 31, 20Y3, assuming that assets increased by $480,000 and liabilities decreased by $80,000 during 20Y3. $ fill in the blank 5 Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $6,050,000, liabilities were $1,750,000, and no additional common stock was issued or dividends paid.
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,950,000 and liabilities of $1,850,000.
Using the
$ fill in the blank 2
Stockholders’ equity as of October 31, 20Y3, assuming that assets increased by $850,000 and liabilities increased by $250,000 during 20Y3.
$ fill in the blank 3
Stockholders’ equity as of October 31, 20Y3, assuming that assets decreased by $800,000 and liabilities increased by $150,000 during 20Y3.
$ fill in the blank 4
Stockholders’ equity as of October 31, 20Y3, assuming that assets increased by $480,000 and liabilities decreased by $80,000 during 20Y3.
$ fill in the blank 5
Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $6,050,000, liabilities were $1,750,000, and no additional common stock was issued or dividends paid.
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