Inspirational Inc. is a motivational consulting business. At the end of its accounting period, December 31, 2017, Inspirational has assets of $567,480 and liabilities of $179,320. Determine the Stockholders' equity as of December 31, 2018, assuming that assets increased by $89,660 and liabilities increased by $53,910 during 2018.
Inspirational Inc. is a motivational consulting business. At the end of its accounting period, December 31, 2017, Inspirational has assets of $567,480 and liabilities of $179,320. Determine the Stockholders' equity as of December 31, 2018, assuming that assets increased by $89,660 and liabilities increased by $53,910 during 2018.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 17E
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Transcribed Image Text:Inspirational Inc. is a motivational consulting business. At the end of its accounting
period, December 31, 2017, Inspirational has assets of $567,480 and liabilities of
$179,320. Determine the Stockholders' equity as of December 31, 2018, assuming
that assets increased by $89,660 and liabilities increased by $53,910 during 2018.
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