ACCT 212 Week 1 Homework

1. Question: Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughouttheNortheast.Attheendofthecurrentperiod,thecompany 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 ofDecember. 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. Duringthe year, the company reports net income of $6,600 and pays dividendsof $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 theyear. 5. Question: Longhorn Corporation provides low-cost food delivery services tosenior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: Homework Week One: PRACTICE 1. Question: Cougar’s Accounting Services provides low-cost tax advice and preparationtothosewithfinancialneed.Attheendofthecurrentperiod, thecompanyreportsthefollowingamounts:Assets=$19,000;Liabilities = $15,000; Revenues = $28,000; Expenses = $33,000. - Calculate net loss: - Calculate stockholders’ equity at the end of theperiod: 2. Question: Below are the account balances for Cowboy Law Firm at the endof December. 3. Question: At the beginning of the year (January 1), Buffalo Drilling has $11,000of common stock outstanding and retained earnings of $8,200. Duringthe year, Buffalo reports net income of $8,500 and pays dividendsof $3,200. In addition, Buffalo issues additional common stock for $8,000. 4. Question: Wolfpack Construction has the following account balances at the endof theyear. 5. Question: Tiger Trade has the following cash transactions for theperiod. 6. Question: Longhorn Corporation provides low-cost food delivery services tosenior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: …….. In addition, the company had 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.