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S Myra invested $7,500 cash in business during 2009 (the Dec 31, 2008 credit balance of the S Myra Capital Account was $125,100). Myra Co is required to mail a $6,000 payment on its long term notes payable during 2010.
Required:
1) Prepare the income statement and the statement of owner's equity for the calendar year 2009 and the classified balance sheet at Dec 31, 2009.
2) Prepare the necessary closing entries at Dec 31, 2009.
3) Use the information in the financial statements to calculate these ratio's: (a) return on assets (total assets at Dec 31, 2008, were $200,000, (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.
In 2005, 509 Brunswick Avenue was sold for $550,000. A reasonable allocation of this amount is considered to be 75% to the building and 25% to the land.
Assume an organization has total current assets of $200,000, total current liabilities of $75,000, inventories of $50,000, prepaid expenses of $25,000, net sales of $770,000, and beginning accounts receivable of $42,000 and ending accounts receiva..
Which of the following are consedered an optional presentation within a goverments required supplementary information.
The marketing manager has recommended that the selling price be increased by 25%, with an expected decrease of only 8% in unit sales. What would be the company's net operating income if the marketing manager's recommendation is adopted?
Henry Quincy wants to withdraw $30,000 each year for 10 years from a fund that earns 8% interest. How much he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately?
Edward operates an illegal drug-running business and has the following items of income and expense. What is Edward's adjusted gross income from this operation?
In a statement of cash flows in which operating activities are reported by the direct method, which of the following would increase reported cash flows from operating activities?
Fauver Industries plans to have a capital budget of $650,000. It wants to maintain a target capital structure of 40% debt and 60% equity, and it also wants to pay a dividend of $375,000.
How could the foreign competitors profitably sell a similar product for less than manufacturing costs to Houston Electronic?
Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about materiality?
Please prepare solutions to the following questions concerning topics covered in the first half of the course
The following is last month's contribution format income statement: What is the company's margin of safety in dollars?
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