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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: Assets = $19,000; Liabilities = $15,000; Revenues = $28,000; Expenses = $33,000.

Required:

1. Calculate net loss.

2. Calculate stockholders' equity at the end of the period.

Respuesta :

tutordamola

Answer:

The answer is:

Net loss = -$5,000 or ($5,000)

Stockholder's equity= $4,000

Explanation:

It is a net loss because expense is higher than income(revenue)

Net profit(loss) equals Income(revenue) - expense.

$28,000 - $33,000

Net loss = -$5,000 or ($5,000)

Stockholder's equity = Asset - liability

$19,000 - $15,000

=$4,000

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