Morgan Olsen owns and operates Crystal Pool Service Company. On January 1, 2010, Morgan Olsen, Capital had a balance of $252,000. During the year Morgan invested an additional $32,000 and withdrew $52,400. For the year ended December 31, 2010, Crystal Pool Service Company reported a net income of $72,300. Prepare a Statement of Owner’s Equity for the year ended December 31, 2010.

Morgan Olsen owns and operates Crystal Pool Service Company. On January 1, 2010, Morgan Olsen, Capital had a balance of $252,000. During the year Morgan invested an additional $32,000 and withdrew $52,400. For the year ended December 31, 2010, Crystal Pool Service Company reported a net income of $72,300. Prepare a Statement of Owner’s Equity for the year ended December 31, 2010.

Name: Morgan Olsen owns and operates Crystal Pool Service Company. On Janua
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Morgan Olsen owns and operates Crystal Pool Service Company. On January 1, 2010, Morgan Olsen, Capital had a balance of $252,000. During the year Morgan invested an additional $32,000 and withdrew $52,400. For the year ended December 31, 2010, Cry

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...

See similar textbooks

Similar questions

Casello Mowing & Landscaping's year-end 2018 balance sheet lists current assets of $435,400, fixed assets of $550,600, current liabilities of $416,800, and long-term debt of $314,900. Calculate Casello's total stockholders' equity.
. The following are the amounts of Care Corporation’s assets and liabilities at May 31, 2010 and its revenue and expenses for the year ended on that date, listed in alphabetical order. Care Corporation had share capital of P50,000 and accumulated profits of P87,390 on June 1, the beginning of the fiscal year. During the year, the corporation paid cash dividends of P25,000. Accounts payable P 48,320 Accounts receivable 68,840 Advertising expense 14,600 Cash 40,150 Insurance expense 12,000 Land 150,000 Miscellaneous expense 3,140 Notes payable 22,000 Prepaid insurance 2,000 Rent…
Casello Mowing & Landscaping’s year-end 2018 balance sheet lists current assets of $436,600, fixed assets of $551,400, current liabilities of $418,000, and long-term debt of $317,300. Calculate Casello’s total stockholders’ equity. (Enter your answer in dollars. Round your answer to the nearest dollar amount.)
Malibu Inc. reported the following (in millions) on its year-end balance sheet: Total liabilities $4,086. Total shareholders’ equity $2,528.2 What proportion of Malibu Inc. is financed by nonowners? a. 38.2% b. 61.9% c. 61.8% d. 78.6%
The following are selected account balances of Rule Corporation at the end of the current year: Debit Credit Operating Expenses $3,200 Sales Revenue $17,780 Cost of Goods Sold 8,500 Interest Expense 790 Gain on Sale of Land 590 Rule is subject to a 30% income tax rate, and shareholders own 1,200 shares of its capital stock. Required: Prepare the income statement for Rule. RULE CORPORATION Income Statement For the Year Ended December 31, Current Year Other items: Earnings per share
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.
ASSETS Current assets: Cash MANGO INC.. CONSOLIDATED BALANCE SHEET September 30, 2017 (dollars in millions) Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue. Short-term notes payable Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities. Stockholders' equity: Common stock ($0.00001 per value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity Assume that the following transactions fin $ 14,024 11,377 17,681 2,134 24,141 69,357 131,732 20,873 12,676 $234,638 $ 30,563 18,679 8,599 6,385 64,226 29,344 28,196 121,766 1 25,212 87,659 112,872 $234,638
Please help me with show all calculation thanku
ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of commonstock outstanding for the year. The following income statement account balances are availablefor ERS at the end of 2019.Advertising expense $24,200Depreciation expense(on service van) 16,250Income taxes expense 15,150Insurance expense 11,900Interest expense 10,100Rent expense 58,400Salaries expense (foradministrative personnel) $195,600Service revenue 933,800Supplies expense 66,400Utilities expense 26,100Wages expense (for servicetechnicians) 448,300Required:1. Prepare a single-step income statement for ERS for 2019.2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able toincrease its service revenue by $100,000, what should be the effect on future income?
Company E reports net income of $100,000 for 2015. Assume the income is earned evenly throughout the year. Dividends of $10,000 are paid on December 31. What will Company R report as investment income under the following ownership situations, if: a. Company R owns a 10% interest from July 1 to December 31? b. Company R owns a 10% interest from January 1 to June 30 and a 25% interest from July 1 to December 31? c. Company R owns a 30% interest from January 1 to June 30 and a 10% interest from July 1 to December 31?
Smith Corporation is reviewing the following transactions for its year-ended December 31, 2015. For each item listed, indicate the: Name of the account to use. Whether it is current or long-term, asset or liability. The amount. On December 15, 2015 the company declared a $2.00 per share dividend on 40,000 shares of common stock outstanding, to be paid on January 5, 2013 Credit sales for year amounted to $10,000,000. Smith estimates its Allowance for Doubtful Accounts as 3% of credit sales. At December 31, bonds payable of $100,000,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,000,000 every September 30. Bonuses to key employees based on net income for 2015 are estimated to be $150,000. Included in long-term investments are 10-year U.S. Treasury bonds that mature March 31, 2016. The bonds were purchased November 20, 2015. The accounts receivable account includes $20,000 due in three years from employees. The property, plant,…
Assume that the following transactions (in millions) occurred during the next fiscal year (ending on September 29, 2018): Borrowed $21,304 from banks due in two years. Purchased additional investments for $21,500 cash; one-fifth were long term and the rest were short term. Purchased property, plant, and equipment; paid $9,610 in cash and signed a short-term note for $1,448. Issued additional shares of common stock for $1,507 in cash; total par value was $1 and the rest was in excess of par value. Sold short-term investments costing $19,045 for $19,045 cash. Declared $11,163 in dividends to be paid at the beginning of the next fiscal year. Use the drop-downs below to select the accounts that should be properly included on the balance sheet. MANGO, INC. Balance Sheet At September 29, 2018 (in millions) Assets Current assets: Total current assets 0 Total assets $0 Liabilities…