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vipstatus
Mar 25, 2008, 08:42 PM
I can not figure out the answer to problem 4-5a and 4-6aon pg 165 and 166 of the Fundamental Accounting Principles 17th ed. textbook by Larson, Wild , and Chiappetta (2005).. Please Help:(
CaptainForest
Mar 25, 2008, 11:10 PM
What are the questions?
vipstatus
Mar 26, 2008, 04:36 PM
Required
1. Prepare the income statement and the statement of owner’s equity for the calendar-year 2005, and
the classified balance sheet at December 31, 2005.
2. Prepare the necessary closing entries at December 31, 2005.
3. Use the information in the financial statements to compute these ratios: (a) return on assets (total
assets at December 31, 2004, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues
as the denominator), and (d) current ratio.
Chapter 4 Completing the Accounting Cycle 165
Check (1) Total assets (12/31/2005),
$178,100; Net income, $13,100