Mize Company provided $45,500 of services on account and collected$38,000 from customers during the year. The company also incurred$37,000 of expenses on account and paid $32,400 against its payables.As a result of these events:A. total assets would increaseB. total liabilities would increaseC. total equity would increaseD. All of these answer choices are correct.

1. **Revenue from services on account**: - Mize Company provided **$45,500 of services on…

Answered: Mize Company provided $45,500 of…

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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Swiss Group reports net income of $35,000 for the year. At the beginning of the year, Swiss Group had $186,000 in assets. By the end of the year, assets had grown to $236,000. What is Swiss Group's return on assets for the current year? Did Swiss Group perform better or worse than its competitors if competitors average an 12% return on assets? Complete this question by entering your answers in the tabs below. Return on Assets Group Perform Did Swiss Group perform better or worse than its competitors if competitors average an 12% return on assets? Did Swiss Group perform better or worse than its competitors if competitors average an 12% return on assets?
Swiss Group reports net income of $39,000 for the year. At the beginning of the year, Swiss Group had $195,000 in assets. By the end of the year, assets had grown to $245,000. What is Swiss Group's return on assets for the current year? Did Swiss Group perform better or worse than its competitors if competitors average an 13% return on assets? Complete this question by entering your answers in the tabs below. Return on Assets Group Perform What is Swiss Group's return on assets for the current year? Numerator: Denominator:
Vd
Flitter reported net income of $23,500 for the past year. At the beginning of the year the company had $212,000 in assets and $62,000 in liabilities. By year end, assets had increased to $312,000 and liabilities were $87,000. Calculate its return on assets: Multiple Choice 11.1%. 9.0%. 7.5%. 35.7%. 26.0%.
Barry's BBQ had sales revenue for the year of $400 million and net income of $30 million. Total assets were $50 million at the beginning of the year, and $60 million at the end of the year. Required: Calculate the following ratios: (Do not round intermediate calculations. Round your answers to one decimal place.) 1. Return on assets ratio 2. Profit margin ratio 3. Asset turnover ratio Return on assets Profit margin Asset turnover % times
Akerley Hospitality reports a net income of $23,000 for the year. At the beginning of the year, Akerley had total assets of $134,000. By the end of the year, total assets had increased to $328,000. a) Calculate Akerley Hospitality's return on total assets percentage for the year to two decimal places. b) Assume that Akerley Hospitality's competitors average a 165.74% return on total assets. In comparison, is Akerley's return on total assets favorable or unfavorable?
The balance sheet of ATLF, Inc. reports total assets of $1,950,000 and $2,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $150,000 and $1,000,000, respectively. What is ATLF's profit margin? Select one: a. 10% Ob. 8% O c. 7.5% O d. 15% e. 12%
Swiss Group reports net income of $34,000 for the year. At the beginning of the year, Swiss Group had $165,000 in assets. By the end of the year, assets had grown to $215,000. What is Swiss Group’s return on assets for the current year? Did Swiss Group perform better or worse than its competitors if competitors average an 13% return on assets?
Chambliss Corp.'s total assets at the end of last year were $265,000 and its EBIT was 62,500. What was its basic earning power (BEP)? Select the correct answer. a. 22.88% b. 24.28% c. 23.58% d. 24.98% e. 22.18%
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