Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics
Question 1: 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:
1. Calculate net income.
2. Calculate stockholders’ equity at the end of the period.
Question 2: Below are the account balances for a company at the end of December.
Accounts Balances
Cash $ 5,000
Salaries expense 2,000
Accounts payable 3,000
Retained earnings 4,000
Utilities expense 1,100
Supplies 13,400
Service revenue 8,900
Common stock 5,600
________________________________________
Required:
Use only the appropriate accounts to prepare an income statement.
(use file labeled Question 2 Chart to see how to answer question)
¬
Question 3: At the beginning of the year (January 1), a company has $11,000 of common stock outstanding and retained earnings of $6,600. During the year, the company reports net income of $6,900 and pays dividends of $1,600. In addition, the company issues additional common stock for $6,400.
Required:
Prepare the statement of stockholders’ equity at the end of the year (December 31).
(use file labeled Question 3 Chart to see how to answer question)
Question 4: A company has the following account balances at the end of the year.
Accounts Balances
Equipment $ 20,000
Accounts payable 1,800
Salaries expense 27,000
Common stock 10,000
Land 12,000
Notes payable 14,000
Service revenue 33,000
Cash 4,800
Retained earnings ?
________________________________________
Required:
Use only the appropriate accounts to prepare a balance sheet.
(use file labeled Question 4 Chart to see how to answer question)
Question 5: 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 $ 1,400 Service revenue $ 66,700
Equipment 28,000 Cost of goods sold (food expense) 53,200
Accounts payable 4,200 Buildings 38,000
Delivery expense 2,400 Supplies 3,200
Salaries expense 5,300 Salaries payable 800
________________________________________
In addition, the company had common stock of $38,000 at the beginning of the year and issued an additional $3,800 during the year. The company also had retained earnings of $18,000 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.
(use files labeled Question 5 1st, 2nd, and 3rd Required Copy, to see how to answer question)
(Note) Questions 2-5 have charts that need to be filled out in the homework assignment. I have attached the questions on this word document and attached separate files with a picture of the chart that needs to be filled out. I need the information/numbers to be able to plug in myself to complete the assignment. Thank you.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
