FUND.ACCT.PRIN.(LOOSELEAF)-W/CONNECT
FUND.ACCT.PRIN.(LOOSELEAF)-W/CONNECT
25th Edition
ISBN: 9781264218103
Author: Wild
Publisher: MCG
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Chapter 15, Problem 19E

1.

To determine

Concept Introduction:

Financial analysis: It is an interpretation of financial statements using various financial tools for decision-making. External users use it to ascertain the overall health of the organization in terms of profitability, liquidity, efficiency, and marketability.

The return on total assets for the current year.

2.

To determine

Concept Introduction:

Financial analysis: It is an interpretation of financial statements using various financial tools for decision-making. External users use it to ascertain the overall health of the organization in terms of profitability, liquidity, efficiency, and marketability.

The profit margin and total asset turnover for current year.

3.

To determine

Concept Introduction:

Financial analysis: It is an interpretation of financial statements using various financial tools for decision-making. External users use it to ascertain the overall health of the organization in terms of profitability, liquidity, efficiency, and marketability.

The company that is more efficient in using assets in the current year.

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E4-8 Plevin Company ended its fiscal year on July 31, 2014. The company's adjusted trial balance as of the end of its fiscal year is shown below. PLEVIN COMPANY Adjusted Trial Balance July 31, 2014 (b) Tota Journal entries, closing (LO 2, No. Account Titles Debit Credit 101 Cash $ 9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 158 Accumulated Depreciation-Equip. $ 7,400 201 Accounts Payable 4,220 208 Unearned Rent Revenue 1,800 301 Owner's Capital 45,200 306 Owner's Drawings 16,000 400 Service Revenue 64,000 6,500 429 Rent Revenue 711 Depreciation Expense 8,000 726 Salaries and Wages Expense 55,700 732 Utilities Expense 14,900 $129,120 $129,120 Instructions (a) Prepare the closing entries using page J15. (b) Post to Owner's Capital and No. 350 Income Summary accounts. (Use the three-column form.) (c) Prepare a post-closing trial balance at July 31.
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