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Inspirational Inc. is a motivational consulting business. At the end of its accountingperiod, October 31, 20Y2, Inspirat

Posted: Thu May 05, 2022 5:22 am
by answerhappygod
Inspirational Inc. is a motivational consulting business.
At the end of its accountingperiod, October 31, 20Y2,
Inspirational has assets of $599,880
and liabilities of $189,560. Using the accounting
equation and considering each case independently, determine the
following amounts:
a. Stockholders' equity as of October 31,
20Y2.
$fill in the blank 1
b. Stockholders' equity as of October 31,
20Y3, assuming that assets increased by $94,780 and liabilities
increased by $56,990 during 20Y3.
$fill in the blank 2
c. Stockholders' equity as of October 31,
20Y3, assuming that assets decreased by $47,390 and liabilities
increased by $16,800 during 20Y3.
$fill in the blank 3
d. Stockholders' equity as of October 31,
20Y3, assuming that assets increased by $79,180 and liabilities
decreased by $29,990 during 20Y3.
$fill in the blank 4
e. Net income (or net loss)
during 20Y3, assuming that as of October 31, 20Y3, assets were
$755,850, liabilities were $122,980, and no additional common stock
was issued or dividends paid.
Net incomeNet loss
$fill in the blank 6