25 Sep 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)

 

 

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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.