Accounting Equation
Inspirational Inc. is a motivational consulting business. At the end of its
accounting period, October
31, 2017, Inspirational has assets of $5,250,000
and liabilities of $1,600,000.
Using the accounting equation and considering each case
independently, determine the following amounts:
a. Stockholders' equity as of October 31,
2017.
$
b. Stockholders’ equity as of October 31, 2018,
assuming that assets increased by $800,000 and liabilities
increased by $330,000 during 2018.
$
c. Stockholders' equity as of October 31, 2018,...