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a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the Classified Statement of Financial Position below.

a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the Classified Statement of Financial Position below.

Entrepreneurial Finance
Entrepreneurial Finance
6th Edition
ISBN:9781337635653
Author:Leach
Publisher:Leach
Chapter4A: Nopat Breakeven: Revenues Needed To Cover Total Operating Costs
Section: Chapter Questions
Problem 2DQ
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4) Answer the following questions: a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the Classified Statement of Financial Position below.
Transcribed Image Text:4) Answer the following questions: a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the Classified Statement of Financial Position below.
Moxie Marketing Adjusted Trial Balance Dec. 31 2021 Асcount Title Debit Credit Cash 20,000 13,000 Equipment Accumul.Dep-Equipment Supplies Prepaid Rent 100 2,000 11,000 Accounts Receivable 6,750 Accounts Payable Notes Payable Unearned Revenue Salaries Payable Interest Payable Utilities Payable Share Capital Dividends 2,500 10,000 3,500 2,750 200 550 30,000 5,500 Revenue 18,500 Supplies Expense Depreciation Exp.- Equipment Salaries Expense Rent Expense Interest Expense Utilities Expense 2,500 100 2,750 1,000 200 3,300 Total 68,100 68,100 Moxie Marketing Statement of Financial Position Dec. 31 2021 Assets Equity & Liabilities Property. Plant and Equipment Equipment Accumul.Dep-Equipment Total Property, Plant and Equipment Current Assets Prepaid Rent Supplies Accounts Receivable Equity Share Capital Retained Earnings 12,900 Total Equity 13,000 (100) 30000 3,150 33,150 11,000 2,000 6,750 Non-Current Liabilities Notes Payable Current Liabilities 10,000 Unearned Revenue 3,500 Accounts Payable 39,750 Salaries Payable 52,650 Interest Payable Utilities Payable Cash 20,000 2,500 Total Current Assets 2,750 Total Assets 200 550 Total Current Liabilities 9,500 Total Equity & Liabilities 52,650
Transcribed Image Text:Moxie Marketing Adjusted Trial Balance Dec. 31 2021 Асcount Title Debit Credit Cash 20,000 13,000 Equipment Accumul.Dep-Equipment Supplies Prepaid Rent 100 2,000 11,000 Accounts Receivable 6,750 Accounts Payable Notes Payable Unearned Revenue Salaries Payable Interest Payable Utilities Payable Share Capital Dividends 2,500 10,000 3,500 2,750 200 550 30,000 5,500 Revenue 18,500 Supplies Expense Depreciation Exp.- Equipment Salaries Expense Rent Expense Interest Expense Utilities Expense 2,500 100 2,750 1,000 200 3,300 Total 68,100 68,100 Moxie Marketing Statement of Financial Position Dec. 31 2021 Assets Equity & Liabilities Property. Plant and Equipment Equipment Accumul.Dep-Equipment Total Property, Plant and Equipment Current Assets Prepaid Rent Supplies Accounts Receivable Equity Share Capital Retained Earnings 12,900 Total Equity 13,000 (100) 30000 3,150 33,150 11,000 2,000 6,750 Non-Current Liabilities Notes Payable Current Liabilities 10,000 Unearned Revenue 3,500 Accounts Payable 39,750 Salaries Payable 52,650 Interest Payable Utilities Payable Cash 20,000 2,500 Total Current Assets 2,750 Total Assets 200 550 Total Current Liabilities 9,500 Total Equity & Liabilities 52,650
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