Accounting Homework

995 Words Nov 24th, 2014 4 Pages
E1-5 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: Asset – 19000; Liabilities – 15000; Revenues – 28000; Expenses = 33000
1. Calculate net loss.
2. Calculate stockholders’ equity at the end of the period.
Net loss *Revenues – Expenses = (5000)
Stockholders * Assets – Liabilities = 4000

E1-6 Cash 5400 Salaries expense 2200 Accounts payable 3400 Retained earnings 3900 Utilities expense 1200 Supplies 13800 Service revenue 9300 Common stock 6000
Use only the appropriate accounts to prepare an income statement

Revenues Service revenue 9300 Expenses Salaries expense (2200)
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1. Record the credit sale on April 25.
2. Record the
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