Calculating ROA Matured Water Services had net income for the month of October of $50,880. Assets as of the beginning and end of the month totaled $362,000, and $486,000, respectively. Calculate Matured Water Services’ ROA for the month of October.
Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The assets and liabilities of Bennett Designs at December 31, the end of the current year, and its…
A: Those resources that are owned by the company and have economic value are term as assets.
Q: The following account balances were taken from the books of ABC Company for the month of March.…
A: Total Expenses Incurred: Fees that have been levied to a business but have not yet been paid by the…
Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…
A: Since we only answer up to 3 sub-parts, we’ll answer the first three. Please resubmit the question…
Q: During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies…
A: Formula: Supplies expense = Beginning supplies + Supplies purchased - Ending supplies
Q: The supplies account had a balance of $1,296 at the beginning of the year and was debited during the…
A: Answer - Calculation of Supplies Expenses to be reported on the Income Statement for the Year -…
Q: On December 31, Year 1, BIG Company had accrued salaries of $9,800. Required a. Record in general…
A: The revenues and expenses are adjusted on the basis of accrued expenses and revenues.
Q: The supplies account has a balance of $4,400 at the beginning of the year and was debited during the…
A: Supplies used/expense = Beginning balance of supplies + Supplies purchased during the year - Ending…
Q: Adjusting and Closing Entries and Post-Closing Trial Balance Accounts of Pioneer Heating Corporation…
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses:
A:
Q: Calculate the return on assets (ROA) for AliceAppliance Service for the year ending December 31,…
A: RETURN ON ASSET : = ( NET INCOME / AVERAGE ASSETS ) X 100
Q: A company had the following transactions during the finst month of the year. Frepare an income slale…
A: Journal Entries - Journal Entries are recorded to enter transactions entered into by the company.…
Q: Income Statement The following account balances were taken from the adjusted trial balance for Laser…
A: An income statement is a financial statement that represents the financial performance of the…
Q: Given the following transactions for the year, prepare the income statement for World Co. for the…
A: Statement of operations, profit and loss statement, and statement of earnings are all terms used to…
Q: elected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…
A: At the conclusion of an accounting period, an adjusting journal entry is made in the general ledger…
Q: Dairy Services was organized on August 1, 2019. A summary of the revenue and expense transactions…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current…
A: Net Income:- It is the profit of the company calculated after deducting all operating expenses from…
Q: Income statement Hermes Services was organized on August 1, 20Y2. A summary of the revenue and…
A: The income statement is one of the essential parts of the financial statement used for reporting the…
Q: Reported revenues 12k supplies expense 3k and net income is 2k for the most recent period. If the…
A: Revenues are the incomes earned by an entity during a period, expenses are the amounts incurred on…
Q: The supplies account had a balance of $1,011 at the beginning of the year and was debited during the…
A: Solution: Beginning Supplies = $1,011 Supplies purchased during this year = $3,868 Ending supplies =…
Q: On September 1, Year 1, Zelda Company collected $120,000 cash for services to be provided for one…
A: Given, Cash collected for the services to be provided in one year = $120,000 The fiscal year of the…
Q: Adieu Company reported the following current assets and liabilities for December 31 for two recent…
A: a. Compute the quick ratio for December 31, Current year and previous year.
Q: A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the…
A: Capital is the money invested in the business by the entrepreneur and it gives the owners a right…
Q: The balance sheet of Cedar Crest Resort reports total assets of $840,000 and $930,000 at the…
A:
Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…
Q: Inutz Company is preparing interim financial statement for the first quarter ended March 31.…
A: Solution : Given Total expense in first quarter 5,000,000 Property tax for year…
Q: Income Statement The following account balances were taken from the adjusted trial balance for…
A: Income statement are as follows:
Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the…
A: Journal entries are prepared to record the financial and non financial transaction of the business…
Q: Use the following end-of-period spreadsheet below to answer the question that follow. Finley Company…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: During the month of April, Riley Co. had cash receipts from customers of $71,100. Expenses totaled…
A: Under the accrual basis of accounting, transactions are recorded in books of accounts as and when…
Q: The supplies account had a balance of $4,174 at the beginning of the year and was debited during the…
A: Income Statement:- Income statement is considered as one of the most important financial statement,…
Q: Construct a balance sheet and income statement for Fikfak Rufu Sharashi Company for the year ended…
A: Account Name Balance Debit Credit Category Accumulated Depreciation 800 800 Balance Sheet…
Q: The following account balances were taken from the books of ABC Company for the month of March.…
A: Income statement: The income statement shows the company's revenues and expenses earned during the…
Q: The following revenue and expense account balances were taken from the Income Statement columns of…
A: Income statement: The income statement shows the company's revenues and expenses earned during the…
Q: The Kramer Company had office supplies on hand of $900 at the beginning of the period, purchased…
A: Supplies expense at the end of the period = Office supplies on hand at the beginning of the period +…
Q: Maynard Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions…
A: Income statement : It is also known as "Statement of Income" in which the income/loss for the…
Q: Graff Company had the following data for the month of November: Graff, Capital, November 1 = $10,000…
A: Formula: Ending capital = Beginning capital + Net income - Withdrawals
Q: On December 31, Collins Company has the following list of account balances. Additional Resources…
A: Property, Plant, and Equipment: These implies to the long term fixed assets including machinery,…
Q: The supplies account had a balance of $1,257 at the beginning of the year and was debited during the…
A: Income Statement refers to financial statements of company and also company's revenues and expenses…
Q: Gerardo Company had a net income of $75,000 and other comprehensive income of $12,500 for the year.…
A: Comprehensive income Net income + other comprehensive income of 2012 Retained Earnings Balance…
Q: The financial statements at the end of Atlas Realty's first month of operations follow Atlas Realty…
A: Determine the proper amounts for (a) through (p).First, determine the missing amount for (a) and…
Q: Barack Company reported operating expenses in two categories namely distribution and general…
A: Distribution costs are those costs incurred by the producer to distribute the goods produced to the…
Q: A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the…
A: Revenues and expenses are closed to income summary account and the net income (loss) is closed to…
Q: The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue…
A: It is pertinent to note that all incomes, expenses are transferred to the profit and loss account.…
Q: Wiley Company had total revenues of $300,000 for a recent month. During the month the…
A: Net income: It can be defined as the excess of sale revenue over the costs incurred by the business…
Q: Assume Global Cleaning Service had net income of $570 for the year. Global Cleaning Service’s…
A: Return on Assets (ROA): This financial ratio evaluates a company’s efficiency in operating the…
Calculating ROA
Matured Water Services had net income for the month of October of $50,880. Assets as of the beginning and end of the month totaled $362,000, and $486,000, respectively. Calculate Matured Water Services’ ROA for the month of October.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The supplies account had a balance of $1,172 at the beginning of the year and was debited during the year for $2,850, representing the total of supplies purchased during the year. If $3,342 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year isAssume Global Cleaning Service had a net income of $570 for the year. Global Cleaning Service’s beginning and ending total assets were $4,520 and $4,180, respectively. Calculate Global Cleaning Service’s return on assets (ROA) for the year. 12.6% 13.6% 13.1% 7.63%The supplies account had a balance of $1,036 at the beginning of the year and was debited during the year for $2,387, representing the total of supplies purchased during the year. If $2,647 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a. $3,423 b. $2,647 c. $776 d. $5,034
- Given the following transactions for the year, prepare the income statement for World Co. for the year ended December 31, 20Y5. • Rental revenue of $15,000 • Wages expense of $3,500 • Rental expense of $5,300 • Miscellaneous expense of $1,200The balance sheet of Pacific Ocean Resort reports total assets of $660,000 and $810,000 at the beginning and end of the year, respectively. The return on assets for the year is 16%. Calculate Pacific Ocean's net income for the year.Assume Global Cleaning Service had net income of $570 for the year. Global Cleaning Service’s beginning and ending total assets were $4,520 and $4,180, respectively. Calculate Global Cleaning Service’s return on assets (ROA) for the year. a. 12.6% b. 13.6% c. 13.1% d. 7.63%
- Calculating Return on Assets Alice Appliance Service had net income for the year of $58,500. In addition, the balance sheet reports the following balances: Calculate the return on assets for Alice Appliance Service for the year ending December 31, 2018.Calculate the return on assets (ROA) for AliceAppliance Service for the year ending December 31, 2016 Alice Appliance Service had net income for the year of $23,000. In addition, the balance sheet reports the following balances ;The trial balance and information for year-end adjustments for Vilardi Company are as follows: Vilardi CompanyTrial BalanceDecember 31, 20-- Account Title Debit Credit Cash 15,700 Accounts Receivable 9,400 Supplies 6,000 Prepaid Insurance 1,500 Equipment 50,000 Accumulated Depreciation-Equipment 10,000 Accounts Payable 5,400 Wages Payable Vilardi, Capital 29,460 Vilardi, Drawing 1,500 Service Fees 63,000 Wages Expense 15,100 Rent Expense 7,800 Supplies Expense Utilities Expense 860 Insurance Expense Depreciation Expense-Equipment 107,860 107,860 a. Supplies on hand at year-end amounted to $420. b. The equipment costing $50,000 has an expected life of five years and no salvage value. Vilardi uses straight-line depreciation. c. A premium of $1,500 for a one-year insurance policy was paid on November 1. d. Wages earned by employees but not paid by year-end amounted to $900. Prepare the…
- Dairy Services was organized on August 1, 2019. A summary of the revenue and expense transactions for August follows:Fees earned $783,000Wages expense 550,000Rent expense 35,000Supplies expense 8,500Miscellaneous expense 11,400Prepare an income statement for the month ended August 31.Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 75,000 Equipment 345,700 Accumulated Depreciation—Equipment $112,500 Prepaid Rent 9,000 Supplies 3,350 Wages Payable – Unearned Fees 12,000 Fees Earned 660,000 Wages Expense 325,000 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $11,150. • Supplies on hand at July 31, $900. • Rent expired, $6,000. • Depreciation of equipment during year, $8,950. • Unearned fees at July 31, $2,000. • Wages accrued but not paid at July 31, $4,840. Required: 1. Journalize the six adjusting entries required at July 31, based on the data presented. Refer to the Chart of Accounts for exact wording of account titles. 2. What would be the effect on the income…Selected accounts from Westeros Co.’s adjusted trial balance for the year ended December 31 follow. Prepare its income statement. Sales. $30,000 Depreciation expense… . $ 5,000 Repairs expense. 500 Salaries expense. 10,000 Depletion expense. 4,000 Amortization expense. 2,000