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
Required:
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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Each Friday, the cash clerk records the amount of cash receive and deposit the money in the bank account. Each quarter, the controller requests information from the bank necessary to prepare bank reconciliation.
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Required:
1. Record the credit sale on April 25.
2. Record the
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