ACCOUNTING-W/CENGAGENOWV2 ACCESS
26th Edition
ISBN: 9781305716780
Author: WARREN
Publisher: CENGAGE L
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Chapter 1, Problem 1.6APE
Using the following data for Ousel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016:
| Accounts payable | $ 62,500 |
| 186,000 | |
| Cash | 308,000 |
| Land | 480,000 |
| Supplies | 16,500 |
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INCOME STATEMENT,OWNER EQUITY AND BALANCE SHEET
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
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$112,500
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247,500
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Answer the Income Statement, Equity and Make a worksheet of this.
thank you
Given below is AU Chiefs Company’s financial statements. Compute for the financial rations and showthe solutions in a sheet of paper.1. Expenses to sale ratio2. Return on assets3. Return on Equity4. Asset Turnover ratio
2020
2019
Cash
122,500
104,700
Accounts Receivable
90,650
80,550
Inventory
66,200
53,000
Prepaid Expense
85,450
106,000
Total Current Assets
364,800
344,250
Property, Plant and Equipment
925,000
786,350
TOTAL ASSETS
1,654,600
1,475,350
Total Current Liability
381,500
423,350
Long-term Liabilities
359,900
230,600
Mabini, Capital
913,200
821,400
Total Liability and Equity
1,654,600
1,475,350
Sales
1,047,050
1,151,755
Cost of Sales
322,750
355,025
Gross Profit
724,300
796,730
Selling Expenses
353,250
388,575
Administrative Expenses
128,150
140,965
Operating Income
242,900
267,190
Interest Income…
Chapter 1 Solutions
ACCOUNTING-W/CENGAGENOWV2 ACCESS
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