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  • Mar 25, 2008, 08:42 PM
    vipstatus
    Solution
    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:(
  • Mar 25, 2008, 11:10 PM
    CaptainForest
    What are the questions?
  • Mar 26, 2008, 04:36 PM
    vipstatus
    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

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