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29 September, 13:36

Cougar's Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of thecurrent period, the company reports the following amounts: Assets = 517,000; Liabilities = 514.000: Revenues = $26,000:Expenses = 532,000. Required.-1' Calculate net loss. 2 Calculate stockholders' equity at the end of the period.

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  1. 29 September, 16:18
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    1. $506,000

    2. $3,000

    Explanation:

    The computation is shown below:

    Net loss = Expenses - revenue

    = $532,000 - $26,000

    = $506,000

    And, we know that

    Total assets = Total liabilities + owners equity

    $517,000 = $514,000 + owners equity

    So, the owners equity is

    = $517,000 - $514,000

    = $3,000

    Simply we applied the above formula and the above accounting equation so that the accurate amount could come
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