Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $777,600 and liabilities of $245,720. 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 $122,860 and liabilities increased by $73,870 during 20Y3. $fill in the blank 2 c. Stockholders' equity as of October 31, 20Y3, assuming that assets decreased by $61,430 and liabilities increased by $21,770 during 20Y3. $fill in the blank 3 d. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $102,640 and liabilities decreased by $38,880 during 20Y3. $fill in the blank 4 e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $979,780, liabilities were $159,410, and no additional common stock was issued or dividends paid.
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $777,600 and liabilities of $245,720. Using the accounting equation and considering each case independently, determine the following amounts:
a.
$fill in the blank 1
b. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $122,860 and liabilities increased by $73,870 during 20Y3.
$fill in the blank 2
c. Stockholders' equity as of October 31, 20Y3, assuming that assets decreased by $61,430 and liabilities increased by $21,770 during 20Y3.
$fill in the blank 3
d. Stockholders' equity as of October 31, 20Y3, assuming that assets increased by $102,640 and liabilities decreased by $38,880 during 20Y3.
$fill in the blank 4
e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $979,780, liabilities were $159,410, and no additional common stock was issued or dividends paid.
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