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Accounting equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $6,800,000
Accounting equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $6,800,000 and liabilities of $2,800,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Using the accounting equation and considering each case independently, determine the following amounts. Round your answers to the nearest dollar. a. Stockholders' equity as of October 31, 2017. $ b. Stockholders' equity as of October 31, 2018, assuming that assets increased by $850,000 and liabilities increased by $250,000 during 2018. $ c. Stockholders' equity as of October 31, 2018, assuming that assets decreased by $800,000 and Babilities increased by $180,000 during 2018. $ d. Stockholders' equity as of October 31, 2018, assuming that assets increased by $350,000 and liabilities decreased by $80,000 during 2018. e. Net income (or net loss) during 2018, assuming that as of October 31, 2018, assets were $7,900,000, liabilities were $2,900,000, and no additional common stock was issued or dividends paid. $
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