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Question #1 Cougar's Accounting Services provides low-cost tax advice and preparation to those with financial nced. At the end of the current period, the company
Question #1 Cougar's Accounting Services provides low-cost tax advice and preparation to those with financial nced. At the end of the current period, the company reports the following anmounts: Assets $19,000. Liabilities s15,000; Revenues $28,000, Expenses- $33,000. Required: 1. Caleulate net loss. 2. Calculate stockholders' equity at the end of the period. Question W2 Receive cash from customers services to customers. Purchase supplies. Purchase factory for operations for cost of advertising pment Purchase equipment for operations nterest expense Pay for cost of interest ounts payable Purchase supplies on credit istribute cash to stockholders otes payable Borrow from the bank. Required: 1. write down the basic accounting equation 2. write down the expanded accounting equation. 3. For each transaction, indicate which category the accounts belong to in expanded accounting equation. 1/6
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