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Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2012, Inspirational has assets of $837,880
Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2012, Inspirational has assets of $837,880 and liabilities of $264,770. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders' equity as of October 31, 2012. b. Stockholders' equity as of October 31, 2013, assuming that assets increased by $132,390 and liabilities increased by $79,600 during 2013. c. Stockholders' equity as of October 31, 2013, assuming that assets decreased by $66,190 and liabilities increased by $23,460 during 2013. d. Stockholders' equity as of October 31, 2013, assuming that assets increased by $110,600 and liabilities decreased by $41,890 during 2013. e. Net income (or net loss) during 2013, assuming that as of October 31, 2013, assets were $1,055,730, liabilities were $171,770, and no additional common stock was Issued or dividends paid.
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