FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
Question

Calculate ROA based on the attached Adjusted Trial balance

Based on the following Adjusted Trial Balance: Home Design Ltd Trial Balance December 31, 2019 Account Title Debit Credit Cash Supplies Prepaid Insurance Account Receivable Land Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Notes Payable Interest Payable Salaries & Wages Payable Share Capital Dividends Service Revenue Salaries & Wages Expense Insurance Expense Depreciation Expense Supplies Expense Interest Expense Ublities Expense 458,300 40,000 18,333 36,000 200,000 5,000 120 211,500 2,500 30,000 1,000 5,000 500,000 6,000 63,500 5,000 1,667 120 40,000 1,700 1,500 813,620 Total 813,620
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Transcribed Image Text:Based on the following Adjusted Trial Balance: Home Design Ltd Trial Balance December 31, 2019 Account Title Debit Credit Cash Supplies Prepaid Insurance Account Receivable Land Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Notes Payable Interest Payable Salaries & Wages Payable Share Capital Dividends Service Revenue Salaries & Wages Expense Insurance Expense Depreciation Expense Supplies Expense Interest Expense Ublities Expense 458,300 40,000 18,333 36,000 200,000 5,000 120 211,500 2,500 30,000 1,000 5,000 500,000 6,000 63,500 5,000 1,667 120 40,000 1,700 1,500 813,620 Total 813,620
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