Marlowe Industries had assets of $300,000 and liabilities of $150,000 at the beginning of the year. During the year, revenues were $120,000, and expenses were $85,000. Additionally, the company paid a dividend of $8,000, and assets increased by $30,000. What were Marlowe Industries' total liabilities at the end of the year? a. $162,000 www b. $153,000 c. $178,000 d. $180,000

Marlowe Industries had assets of $300,000 and liabilities of $150,000 at the beginning of the year. During the year, revenues were $120,000, and expenses were $85,000. Additionally, the company paid a dividend of $8,000, and assets increased by $30,000. What were Marlowe Industries' total liabilities at the end of the year? a. $162,000 www b. $153,000 c. $178,000 d. $180,000

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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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
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