Business, 23.02.2022 23:40 AleciaCassidy
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $619,050 and liabilities of $195,620. Using the accounting equation and considering each case independently, determine the following amounts:
a. Stockholders' equity as of October 31, 20Y2.
423,430
b. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $97,810 and liabilities increased by $58,810 during 20Y3.
462,430
c. Stockholders' equity as of October 31, 20Y3, assuming that assets decreased by $48,900 and liabilities increased by $17,330 during 20Y3.
357,200
d. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $81,710 and liabilities decreased by $30,950 during 20Y3.
536,090
e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $780,000, liabilities were $126,910, and no additional common stock was issued or dividends paid.
Net income = ?
Answers: 2
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Inspirational Inc. is a motivational consulting business. At the end of its accounting period, Octob...
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