Question
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At the end of the...
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 = $42,000; Liabilities = $23,000; Dividends = $2,200: Revenues = $12.400; Expenses $8,200. Required: 1. Calculate net income. 10.5 points Net income eBook References 2. Calculate stockholders' equity at the end of the period. Stockholders' equity
Answers
1. Net income= $ 4,200
2. Stockholder's equity = $ 19,000
Explanation
1. Net income = Revenues - Expenses
= 12,400 - 8,200
= $ 4,200
2. Stockholder's equity = Assets - Liabilities
= 42,000 -23,000
= $ 19,000
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