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ACCT paper week 1 homework assignment with answers.

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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 = $44,000; Liabilities = $2 ... 4,000; Dividends = $2,400; Revenues = $12,800; Expenses = $8,400. 1. Calculate Net Income. 12,800 – 8,400 = 4,400 Net Income 2. Calculate Stockholders’ Equity. Assets = Liabilities + Equity 44,000= 24,000 + _____ Equity = 20,000 Exercise 2: Each of the following independent situations represents amounts shown on the four basic financial statements. Fill in the formulas and missing blanks using your knowledge of amounts that appear on the financial statements. 1. Revenues = $24,000; Expenses = $16,500; Net income = _7,500_. 2. Increase in stockholders' equity = $16,000; Issuance of common stock = $10,000; Net income = $10,500; Dividends = __4,500__. 3. Assets = $22,400; Stockholders' equity = $17,000; Liabilities = __5,400____. 4. Total change in cash = $23,000; Net operating cash flows = $31,000; Net investing cash flows = ($14,000); Net financing cash flows = ___6,000____. Exercise 3: Below are the account balances for Parker Account [Show More]

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