Hi expert please help me A fire has destroyed a large percentage of the financial records of Dana'sDaily Deals. You have the task of piecing together information in orderto release a financial report. You have found the return on equity to be13.8 percent. Sales were $979,000, the total debt ratio was 0.42, and thetotal debt was $548,000. What is the return on assets?a. 6.92%b. 8.00%c. 8.45%d. 9.03%e. 9.29%

To determine the Return on Assets (ROA), we use the relationship between Return on Equity (ROE),…

Answered: A fire has destroyed a large percentage…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...

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What is the return on assets? General accounting
A fire has destroyed a large percentage of the financial records of the Inferno Company. You have the task of piecing together information in order to release afinancial report. You have found the return on equity to be 14.3 percent. Sales were $1,735,000, the total debt ratio was 0.35, and total debt was $648,000. What is the Return on Assets?
3 A fire has destroyed a large percentage of the financial records of the Inferno Company. You have the task of piecing together information in order to release a financial report. You have found the return on equity to be 17.3%. Sales were $1,810,000, the total debt ration was .35, and total debt was $663,000. What is the return on assets (ROA)? (DO NOT round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16) Return on assets ? %
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The bookkeeper for Adams's Country Music Bar left this incomplete balance sheet. Adams's working capital is $108,000 and its debt- to-assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts. Assets Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Long-term assets Building Less: Accumulated depreciation Total long-term assets Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Accounts payable Notes payable Income tax payable Total current liabilities Long-term liabilities Mortgage payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 29,000 36,000 16,000 (40,000) 230,000 12,000 9,000 35,900 104,000
You are considering two possible companies for investment purposes. The following data is available for each company. Additional Information: Company A: Bad debt estimation percentage using the income statement method is 6%, and the balance sheet method is 10%. The $230,000 in Other Expenses includes all company expenses except Bad Debt Expense. Company B: Bad debt estimation percentage using the income statement method is 6.5%, and the balance sheet method is 8%. The $140,000 in Other Expenses includes all company expenses except Bad Debt Expense. A. Compute the number of days sales in receivables ratio for each company for 2019 and interpret the results (round answers to nearest whole number). B. If Company A changed from the income statement method to the balance sheet method for recognizing bad debt estimation, how would that change net income in 2019? Explain (show calculations). C. If Company B changed from the balance sheet method to the income statement method for recognizing bad debt estimation, how would that change net income in 2019? Explain (show calculations). D. What benefits do each company gain by changing their method of bad debt estimation? E. Which company would you invest in and why? Provide supporting details.
At the end of the accounting period, Donna's Daisies had Accounts Receivable of $14,000, Bad Debt Expense of $1,250, and Allowance for Doubtful Accounts of $1,575. What is Donna's net realizable value? a.$12,750 b.$11,175 c.$12,425 d.$15,575
USE TGHE FOLLOWING TO SOLVE FOR QUESTION7 ONLY Tooele Company’s controller estimated bad debt expense using the percentage of accountsreceivable method. Total sales for the year were $500,000 of which 250,000 are on account.The ending balance in accounts receivable was $100,000. An examination of the outstandingaccounts at the end of the year indicates that approximately 12 percent of these accounts willultimately prove to be uncollectible. Before any adjusting entries, the balance in theAllowance for Doubtful Accounts is $700 (CREDIT). Which is part of the correct adjustingentry to record bad debt expense for the year?(The Allowance for Doubtful Accounts is also known as the Allowance for Bad Debts or theAllowance for Uncollectible Accounts.)a. CREDIT Allowance for Bad Debts for $11,300b. DEBIT Allowance for Bad Debts for $11,300c. CREDIT Allowance for Bad Debts for $12,000d. CREDIT Allowance for Bad Debts for $12,700e. DEBIT Allowance for Bad Debts for $14,700 5. Use the…
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An insolvent debtor paid GH Traders R3 500 which represented 80% of the amount owed. The balance on her account must be written of These transactions have not yet been recorded. Which of the following statements is correct in respect of the above transactions? O A The bad debt amounts to R700. O B. The debtor owed R4 375. OC. The Debtors Control account will decrease by R3 500. O D. The Bank account wilI be credited with R3 500.
A. Sold the building for $120,000 and paid the loan. B. Collected $10,000 from the accounts receivable. Remainder is uncollectible C. Sold the equipment for $8,000 D. Paid the salaries and taxes payable. E. Sold all remaining inventory for $8,000 F. Paid liquidation costs. G. Distributed settlement to remaining creditors Bottomless Pit Statement of Realization and Liquidation For the Month Ended May 31, 200X Non Cash Loan Salary Liq Costs Taxes Accounts Cash Assets Payable Payable Payable Payable Payable Deficit Book Balances May 1 $2,000 $188,000 $115,000 $5,000 $5,000 $10,000 $80,000 ($25,000) Sold building and paid loan Collected accounts receivable Sold equipment Paid salaries and taxes Sold inventory Paid liquidation costs Paid settlement to creditors Book balances May 31
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