Alabama A&M AppsAnywhere* CengageNOWv2 | Online teachin xG how to screenshot on hp laptop x +ContentA v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps M GmailO YouTubeA Maps a NewsE Reading listExam 2 (CH4, 7,10)Finley Company1.End-of-Period SpreadsheetFor the Year Ended December 31Adjusted Trial BalanceIncome StatementBalance Sheet3.Account TitleDebitCreditDebitCreditDebitCredit4Cash16,00016,000Accounts Receivable6,0006,0005.Supplies2,0002,0006.Equipment19,00019,000Accumulated Depr.6,0006,0007.Accounts Payable10,00010,0008.Wages Payable2,0002,000Common Stock5,0005,0009.Retained Earnings10,96610,96610.Dividends1,0001,000Fees Earned41,97041,97011.Wages Expense19,88219,88212.Rent Expense6,5986,598Depreciation Expense5,4565,45613.CengageNOWv2.htmlShow all1:08 PMP Type here to search99+aへg ロ6 )6/19/2021近 Alabama A&M AppsAnywhere* CengageNOWv2 | Online teachin xG how to screenshot on hp laptop xContentA v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps M GmailO YouTube Maps a NewsE Reading list2.Accounts Payable10,00010,0003.Wages Payable2,0002.000Common Stock5,0005,0004.Retained Earnings10,96610,9665.Dividends1,0001,000Fees Earned41,97041,9706.Wages Expense19,88219,8827.Rent Expense6,5986,598Depreciation Expense5,4565,4568.Totals75,93675,93631,93641,97044,00033,9669.Net Income (Loss)10,03410,03441,97041,97044,00044,00010.The journal entry to close revenues and expenses would involve:11.Oa. debits to the expense accounts and Retained Earnings and a credit to Fees EarnedOb. a debit to Fees Earned and credits to the expense accounts and Retained Earnings12.Oc. debits to the expense accounts and credits to Retained Earnings and Fees EarnedOd. debits to Fees Earned and Retained Earnings and credits to the expense accounts13.14.Next>PreviousProgress: 4/32 itemsCengageNOWv2.h.tmlShow all1:08 PMP Type here to search99+aへg ロ伝)6/19/2021近

Revenues: Revenues are earniings from operations of a busiiness. A business earns revenue by…

ges Payable 2,000 mmon Stock 5,000 ained Earnings 10,966 ridends es Earned ges Expense nt Expense preciation Expense als 1,000 41,970 41,970 19,882 19,882 6,598 6,598 5,456 5,456 75,936 75,936 31,936 41,970 Income (Loss) 10,034 41,970 41,970 journal entry to close revenues and expenses would involve: . debits to the expense accounts and Retained Earnings and a credit to Fees Earned . a debit to Fees Earned and credits to the expense accounts and Retained Earnings . debits to the expense accounts and credits to Retained Earnings and Fees Earned . debits to Fees Earned and Retained Earnings and credits to the expense accounts

ges Payable 2,000 mmon Stock 5,000 ained Earnings 10,966 ridends es Earned ges Expense nt Expense preciation Expense als 1,000 41,970 41,970 19,882 19,882 6,598 6,598 5,456 5,456 75,936 75,936 31,936 41,970 Income (Loss) 10,034 41,970 41,970 journal entry to close revenues and expenses would involve: . debits to the expense accounts and Retained Earnings and a credit to Fees Earned . a debit to Fees Earned and credits to the expense accounts and Retained Earnings . debits to the expense accounts and credits to Retained Earnings and Fees Earned . debits to Fees Earned and Retained Earnings and credits to the expense accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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vas.msst Net sales Operating costs except depreciation Depreciation Earnings before interest and taxes (EBIT) Less interest Earnings before taxes (EBT) Taxes Net income Other data: Shares outstanding (millions) Common dividends (millions of $) Int rate on notes payable & L-T bonds Federal plus state income tax rate Year-end stock price $98,000 91.140 1,960 $4,900 960 $3,940 1,576 $2,364 500.00 $827.40 6% 40% $56.74 Refer to Exhibit 4.1. What is the firm's ROA? Do not round your intermediate calculations,
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