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Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $566,740 and
Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $566,740 and liabilities of $179,090. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders' equity as of October 31, 20Y2. $ 474,240 X b. Stockholders' equity as of October 31, 2043, assuming that assets increased by $89,540 and liabilities increased by $53,840 during 2073. $ 517,920 X C. Stockholders' equity as of October 31, 20Y3, assuming that assets decreased by $44,770 and liabilities increased by $15,870 during 20Y3. 400,060 x d. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $74,810 and liabilities decreased by $28,340 during 20Y3. $ 600,430 X e. Net income (or net loss) during 20Y3, assuming that as of October 31, 2043, assets were $714,090, liabilities were $116,180, and no additional common stock was issued or dividends paid. Net income $ 257,230 x
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