ACCT 212 Week 1 Homework
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$20.00
| Institution | ACCT 212 Financial Accounting |
| Contributor | Jessica Brown |
1. Question: Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets = $50,000; Liabilities = $27,000; Dividends = $3,000; Revenues = $14,000; Expenses = $9,000.
Required:
- Calculate net income.
- Calculate stockholders' equity at the end of the period.
2. Question: Below are the account balances for a company at the end of December.
Accounts Balances
Cash $ 4,000
Salaries expense 1,500
Accounts payable 2,000
Retained earnings 4,400
Utilities expense 1,000
Supplies 12,400
Service revenue 7,900
Common stock 4,600
Required:
Use only the appropriate accounts to prepare an income statement.
3. Question: At the beginning of the year (January 1), a company has $10,000 of common stock outstanding and retained earnings of $7,500. During the year, the company reports net income of $7,800 and pays dividends of $2,500. In addition, the company issues additional common stock for $7,300.
Required:
Prepare the statement of stockholders' equity at the end of the year (December 31).
4. Question: A company has the following account balances at the end of the year.
Accounts Balances
Equipment $16,500
Accounts payable 1,100
Salaries expense 23,500
Common stock 11,000
Land 8,500
Notes payable 10,500
Service revenue 29,500
Cash 4,100
Retained earnings ?
Required:
Use only the appropriate accounts to prepare a balance sheet.
5. Question: Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts:
Cash $ 1,300 Service revenue $70,200
Equipment 21,500 Cost of goods sold (food expense) 53,900
Accounts payable 2,900 Buildings 25,000
Delivery expense 3,100 Supplies 1,900
Salaries expense 6,000 Salaries payable 900
In addition, the company had common stock of $25,000 at the beginning of the year and issued an additional $2,500 during the year. The company also had retained earnings of $11,200 at the beginning of the year.
Required:
1. Prepare the income statement for Longhorn Corporation.
2. Prepare the statement of stockholders’ equity for Longhorn Corporation.
3. Prepare the balance sheet for Longhorn Corporation.
| Instituition / Term | |
| Term | Summer 2021 |
| Institution | ACCT 212 Financial Accounting |
| Contributor | Jessica Brown |
