Captivating Inc. is a motivational consulting business. At the end of its accounting period, May 31, 20Y2, Captivating Inc. has assets of $2,450,000 and liabilities of $1,180,000. Using the accounting equation and considering each case independently, determine the following amounts:
a. Stockholders’ equity as of May 31, 20Y2.
b. Stockholders’ equity as of May 31, 20Y3, assuming that assets increased by $825,000 and liabilities increased by $515,000 during 20Y3.
c. Stockholders’ equity as of May 31, 20Y3, assuming that assets decreased by $375,000 and liabilities increased by $60,000 during 20Y3.
d. Stockholders’ equity as of May 31, 20Y3, assuming that assets increased by $725,000 and liabilities decreased by $120,000 during 20Y3.
e. Net income (or net loss) during 20Y3, assuming that as of May 31, 20Y3, assets were $3,300,000, liabilities were $1,400,000, and no additional common stock was issued or dividends paid.