Exam (elaborations) ACCT 212 Financial Accounting - Week 1 Homework Assignment (Summer 2021)v1

ACCT 212 Financial Accounting-Week 1 Homework Assignment (Summer 2021)v1Eagle 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 = $9,000At 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 stateAt 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 stateIn 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.ACCT 212 Financial Accounting-Week 1 Homework Assignment (Summer 2021)v1