Get Solved ACCT 212 Week 1 Homework Assignment (Collection)

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Get Solved ACCT 212 Week 1 Homework Assignment Collection

 

ACCT 212 Week 1 Homework Assignment (Summer 2021)v1

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.

2. Question: Below are the account balances for a company at the end of December.

3. Question: At the beginning of the year (January 1), a company has $11,000 of common stock outstanding and retained earnings of $6,300. During the year, the company reports net income of $6,600 and pays dividends of
$1,300. In addition, the company issues additional common stock for
$6,100. – Statement of Stockholders’ Equity

4. Question: A company has the following account balances at the end of the year.

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:


ACCT 212 Week 1 Homework Assignment (Summer 2021)v2

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:
1. Calculate net income.
2. 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 a 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.


ACCT 212 Week 1 Homework: PRACTICE (Summer 2021)

1. Question: Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial needs. At the end of the current period, the company reports the following amounts: Assets = $19,000; Liabilities
= $15,000; Revenues = $28,000; Expenses = $33,000.
– Calculate net loss:
– Calculate stockholders’ equity at the end of the period:

2. Question: Below are the account balances for Cowboy Law Firm at the end of December.

3. Question: At the beginning of the year (January 1), Buffalo Drilling has $11,000 of common stock outstanding and retained earnings of $8,200. During the year, Buffalo reports net income of $8,500 and pays dividends of
$3,200. In addition, Buffalo issues additional common stock for $8,000.

4. Question: Wolfpack Construction has the following account balances at the end of the year.

5. Question: Tiger Trade has the following cash transactions for the period.

6. 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: …….. In addition, the company had a common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.

 

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