Accounting equationInspiring U is a motivational consulting business. At the end of its accounting period, December 31, 2012, Inspiring U has assets of $746,000 andliabilities of $179,000. Using the accounting equation, determine the following amounts:a. Stockholders' equity as of December 31, 2012.$$ 567,000b. Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $142,000 and liabilities increased by $43,000 during 2013.X

Step-1:To solve this problem, we need to use the accounting equation, which is:Assets = Liabilities…

Answered: Accounting equation Inspiring U is a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting Equation Katherine Brewer is the stockholder and operator of Our Idol LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Our Idol has assets of $745,000 and liabilities of $179,000. Using the accounting equation, determine the following amounts: a. Stockholders' equity as of December 31, 20Y2. %$4 b. Stockholders' equity as of December 31, 20Y3, assuming that assets increased by $142,000 and liabilities increased by $43,000 during 20Y3. %24 tサ

How would I prepare the income statement?
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The financial statements of Colorado Outfitters include the following selected data ($ in millions): sales, $9,543; net income, $320; beginning stockholders’ equity, $3,219; and ending stockholders’ equity, $2,374. Calculate the return on equity.
At the beginning of 2010, a corporation had assets of $270,000 and liabilities of $160,000. During 2010, assets increased by $25,000 and liabilities increased by $5,000. What was stockholders-equity on December 31, 2010? A. $140,000 B. $130,000 C. $190,000 D. $80,000
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the followingamounts:a. Stockholders’ equity as of October 31, 20Y2.b. Stockholders’ equity as of October 31, 20Y3, assuming that assets increased by $800,000 and liabilities increased by $330,000 during 20Y3.c. Stockholders’ equity as of October 31, 20Y3, assuming that assets decreased by $600,000 and liabilities increased by $140,000 during 20Y3.d. Stockholders’ equity as of October 31, 20Y3, assuming that assets increased by $440,000 and liabilities decreased by $90,000 during 20Y3.e. Net income (or net loss) during 20Y3, assuming that as of October 31, 20Y3, assets were $6,140,000, liabilities were $1,950,000, and no additional common stock was issued or dividends paid.
The accounting equation for Henry Enterprises is as follows: Assets Liabilities +Stockholders' Equity %3D $720,000 $360,000 $360,000 If the company now prepays rent of $54,000 for the next six months, the accounting equation will change to: Select one: A. Assets Liabilities Stockholders' Equity $774,000 $414,000 $360,000 %3D В. Assets Liabilities Stockholders' Equity $720,000 $360,000 $360,000 %3D С. Assets Liabilities Stockholders' Equity $720,000 $414,000 $306,000 Type here to search
The balance sheet of HR, Inc. reports total equity of $900,000 and $1,100,000 at the beginning and end of the year, respectively. The return on equity for the year is 20%. What is HR's net income for the year? Select one: a. $200,000 b. $180,000 c. $198,000 d. $162,000 e. $220,000 Clear my choice

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