Accounting equation Obj. 3, 4 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. 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, 20Y3, assuming that assets increased by $800,000 and liabilities increased by $330,000 during 20Y3.

c. Stockholders’ equity as of October 31, 20Y3, assuming that assets decreased by $600,000 and liabilities increased by $140,000 during 20Y3.

d. Stockholders’ equity as of October 31, 20Y3, assuming that assets increased by $440,000 and liabilities decreased by $90,000 during 20Y3.

e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were

$6,140,000, liabilities were $1,950,000, and no additional common stock was issued or dividends paid.

AppendixLO1