Question
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2012, Inspirational has assets of $699,910 and liabilities
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2012, Inspirational has assets of $699,910 and liabilities of $221,170. Using the accounting equation and considering each case independently, determine the following amounts: a. Stockholders' equity as of October 31, 20Y2. -15,400 X b. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $110,590 and liabilities increased by $66,490 during 2013. -15,400 X c. Stockholders' equity as of October 31, 2013, assuming that assets decreased by $55,290 and liabilities increased by $19,600 during 2013. 4,100 X d. Stockholders' equity as of October 31, 2013, assuming that assets increased by $92,390 and liabilities decreased by $35,000 during 2013 6,100 x e. Net income (or net loss) during 2013, assuming that as of October 31, 2013, assets were $881,890, liabilities were $143,480, and no additional common stock was issued or dividends paid. Net income 65,000 x Check My Work If you know two figures for the accounting equation (Assets Liabilities +Stockholders' Equity), you can rearrange it to calculate the thinsing amoures
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