At the beginning of the year, a company's balance sheet reported the following balances Total Assets $135,000, Total LiabilMies-$76,500, and Owner's Capital - $58,500 During the year the company reported revenues of $46,900 and expenses of $30,600 In addition, owners withdrawals for the year totaled $20,400 Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be Mutigle Choice 2600 S4100 200

At the beginning of the year, a company's balance sheet reported the following balances Total Assets $135,000, Total LiabilMies-$76,500, and Owner's Capital - $58,500 During the year the company reported revenues of $46,900 and expenses of $30,600 In addition, owners withdrawals for the year totaled $20,400 Assuming no other changes to owner's capital, the balance in the owner's capital account at the end of the year would be Mutigle Choice 2600 S4100 200

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Selected current year-end financial statements of Genesis Corporation follow. All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $48,900; total assets, $189,400; common stock, $90,000; and retained earnings, $33,748. Compute the following: total asset turnover, return on total assets, and return on equity. Round to one decimal place.
An analysis of the transactions of Rutherford Company for the year ended December 31, yieldsthe following information: sales revenue, $65,000; insurance expense, $4,300; interest income,$3,900; cost of goods sold, $28,800; and loss on disposal of property, plant, and equipment,$1,200.Required:Prepare a single-step income statement.
For the year just completed, Hanna Company had net income of $73,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable End of Year $ 58,000 $ 170,000 $ 433,000 $ 12,500 $ 352,000 $ 8,500 $ 36,000 Beginning of Year $ 77,000 $ 196,000 $ 355,000 $ 13,500 $ 396,000 $ 12,000 $ 27,000 The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Decrease in accounts…
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The following are selected account balances of Rule Corporation at the end of the current year: Debit Credit Operating Expenses $3,200 Sales Revenue $17,780 Cost of Goods Sold 8,500 Interest Expense 790 Gain on Sale of Land 590 Rule is subject to a 30% income tax rate, and shareholders own 1,200 shares of its capital stock. Required: Prepare the income statement for Rule. RULE CORPORATION Income Statement For the Year Ended December 31, Current Year Other items: Earnings per share
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For the just completed year, Hanna Company had net income of $91,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Beginning Year of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 60,000 $ 82,000 $166,000 $184,000 $445,000 $346,000 $ 11,500 $ 13,500 $356,000 $392,000 $ 7,500 $ 13,000 $ 35,000 $ 29,000 The Accumulated Depreciation account had total credits of $56,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial)
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