Summit Corp. had assets of $320,000 and liabilities of $180,000 at the beginning of the year. During the year, revenues were $195,000 and expenses were $125,000. Also, during the year the business paid the owners a dividend of $8,000 and assets increased by $35,000. What were Summit's total liabilities at the end of the year? a. $153,000 b. $188,000 c. $215,000 d. $245,000

Summit Corp. had assets of $320,000 and liabilities of $180,000 at the beginning of the year. During the year, revenues were $195,000 and expenses were $125,000. Also, during the year the business paid the owners a dividend of $8,000 and assets increased by $35,000. What were Summit's total liabilities at the end of the year? a. $153,000 b. $188,000 c. $215,000 d. $245,000

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.
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