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Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31,20Y2, Inspirational has assets of $857,440 and liabilities of $270,950.
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31,20Y2, Inspirational has assets of $857,440 and liabilities of $270,950. 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 $135,480 and liabilities increased by $81,460 during 20Y3. $ c. Stockholders' equity as of October 31,20Y3, assuming that assets decreased by $67,740 and liabilities increased by $24,010 during 20Y3. \& d. Stockholders' equity as of October 31,20Y3, assuming that assets increased by $113,180 and liabilities decreased by $42,870 during 20Y3. q e. Net income (or net loss) during 20Y3, assuming that as of October 31,20Y3, assets were $1,080,370, liabilities were $175,780, and no additional common stock was issued or dividends paid
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