2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets abilities Stockholders' Equity - $550,000 + $1,345,000 b. 5776,500 - X + $588,800 C$14.750,000 - 54,455,000 + 54,120,000 EX 1-7 Accounting equation Obj. 3,4 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 following amounts: a. Stockholders' equity as of October 31, 20Y2. b. Stockholders' equity as of October 31, 2043, assuming that assets increased by $800,000 and liabilities increased by $330,000 during 20Y3. c. Stockholders' equiry as of October 31, 2043, assuming that assets decreased by $600,000 and liabilities increased by $140,000 during 20Y3. d Stockholders' equity as of October 31, 2083, assuming that assets increased by $440,000 and liabilities decreased by $90,000 during 2073. e Net Income (or net loss) during 2043, assuming that as of October 31, 2043, assets were $6,140,000, liabilities were $1.950,000, and no additional common stock was issued or divi dends paid EX 1-8 Asset, liability, and stockholders' equity items Obj. 3 Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stock holders' equity a. accounts payable d supplies accounts receivable e supplies expense fees earned utilities expense b EX 1-9 Effect of transactions on accounting equation Obj. 4 What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders' equity) of the accounting equation? Invested cash in business in exchange for common stock b. Paid for business expenses c. Pald dividends. d Purchased supplies on account e. Received cash for services performed a. (1) Increase $183,000 EX 1-10 Effect of transactions on accounting equation Obj. 4 a. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? b. Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholders' Equity) of the accounting equation? Explain. SNT ME EX 1-11 Effect of transactions on stockholders' equity Obj. 4 Indicate whether each of the following types of transactions will either (a) increase stockholders equity or (b) decrease stockholders' equity: 1. Issued common stock in exchange for cash. 2 Received cash for services performed for customers. 3. Paid business expenses. 4. Pald dividends