Inspiring U is a motivational consulting business. At the end of its accounting period, December 31, 20Y2,
Question:
Inspiring U is a motivational consulting business. At the end of its accounting period, December 31, 20Y2, Inspiring U has assets of $690,000 and liabilities of $375,000. Using the accounting equation, determine the following amounts:
a. Stockholders’ equity as of December 31, 20Y2.
b. Stockholders’ equity as of December 31, 20Y3, assuming that assets increased by $80,000 and liabilities increased by $51,500 during 20Y3.
Step by Step Answer:
a b A L SE...View the full answer
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The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.
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The correct entry should be Debit: Armstrong, Capital $48,000 Credit: Cash $58,000 Debit: Jackson, Capital $5,000 Debit: Tanner, Capital $5,000
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