ACCT 212 Week 1 Homework: PRACTICE (Summer 2021)

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1. Question: Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Asse... ts = $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 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. [Show More]

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