Net income for month of October $50,880. beginning of the month Assets totaled $362,000 end of month Assets totaled $486,000 ROA for month of October?
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: Imaging Services was organized on March 1, 20Y5. A summary of the revenue and expense transactions…
A: Income statement is prepared in order to depict the result of operations of its period of…
Q: Required: Prepare the necessary closing entries at December 31, 2016.
A:
Q: A company reports ending accounts payable of $2,055 and cost of goods sold of $18,300. Compute days’…
A:
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: Following is a February transaction for a company. Calculate the amount of expense to recognize in…
A: The cash basis accounting system state that expenses should be recognized when the amount is paid,…
Q: Imaging Services was organized on March 1, 20Y5. A summary of the revenue and expense transactions…
A: Income statement statement can be prepared by two methods. (1) Single step income statement (2)…
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: Determine the net income of a company for which the following information is available for the month…
A: Here in this question we are required to calculate the net income. Net income is a revenue less…
Q: Side Kicks has year-end account balances of Sales Revenue $808,900, Interest Revenue $13,500, Cost…
A: Account Titles and Explanation Debit Credit Income Summary $822,400…
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: 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: industries recorded and paid $1,400 advertising bill for the current month. Which occurred? current…
A: The Question has covered the concept of Expenses.
Q: ith assets of $103,000 and liabilities of $76,500 During the year assets increased by $12,600 and…
A: The worth of a company's assets after all liabilities have been paid is known as stockholders'…
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: 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: The AA has the below trial balance for the month of June 2019: Debits Credits Cash…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Presented below is selected information related to F. Co. on December 31, 2010. F. reports financial…
A: As per basic accounting equation, Assets = Liabilities + Owners Equity
Q: Determine the net income of a company for which of the following information is available for the…
A: Net income refers to an income which is left with a company or an individual after paying all the…
Q: Missing Amounts from Financial Statements The financial statements at the end of Dillworth Realty's…
A: Service Organization: An organization that provides any particular service to their customers is…
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: 21 ummarized operations for Bayles Co. for the month of July are as follows. Revenues recognized:…
A: The revenues and expenses are recognised in the period when they are incurred irrespective of cash…
Q: The balance in the supplies inventory account was $23,050 at the beginning of the year. During the…
A: When supplies are purchased, purchase value of added to supplies inventory account. Supplies expense…
Q: Calculating ROA Matured Water Services had net income for the month of October of $50,880. Assets as…
A: Return on asset (ROA) = Average net income / Average total assets Where, Average total assets…
Q: (1) Debt and equity ratios. Debt Ratio Choose Numerator: Choose Denominator: Debt Ratio Total…
A: 1) Debt and Equity Ratio Debt ratio…
Q: On August 1, the supplies account balance was $1,025. During August, supplies of $3,110 were…
A: Selling, general, and administrative expenses:The cost expended for selling the merchandise, and…
Q: As aof July 1, Roberto Corporation had total assets of $165,000. During July, the company made the…
A: The balance sheet is one of the financial statements of the business which represents the financial…
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: c. For the month ended January 31, determine Bandera Manufacturing's net income. Bandera…
A: Solution- Calculation of COGS…
Q: Determine the net income of a company for which the following information is available for the month…
A: Salaries expenses = $198,000 Interest expenses = $28,000 Rent expenses = $38,000 Revenue = $472,000
Q: Return on total assets A company reports the following income statement and balance sheet…
A: Return on assets: Return on assets is the financial ratio which determines the amount of net income…
Q: An entity had the following transactions during the quarter ended March 31: Advertising costs of P2…
A: Solution: Total amount to be recognized = Advertising costs + typhoon damage + insurance premium for…
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: For the month ended 31, March 20A Adjusted Statement of Comprehensive Income Statement of Financial…
A: The closing entries are prepared to close the temporary accounts of the business and transfer the…
Q: Imaging Services was organized on March 1, 20Y5. A summary of the revenue and expense transactions…
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: eet For the month ended 31, March 20A Adjusted Statement of Comprehensive Income Statement of…
A: The financial statements of the business include the income statement, balance sheet and cash flow…
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: Šatterfield Company Income Statements For the Years Ended December 31 20Υ1 20YO Fees earned…
A: Horizontal analysis is prepared to calculate the variance from previous year by showing…
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…
Q: For the Month Ended April 30, 2022 Adjusted Trial Balance Income Statement Balance Sheet Account…
A: The income statement is prepared to find the profitability of the business. The balance sheet…
Q: Gosens Company began operations on December 1, 2020. Presented below is selected information related…
A: Solution.. Service Revenue = $135,000 Rent expenses = $22,000 Utilities expenses = $23,000…
Net income for month of October $50,880.
beginning of the month Assets totaled $362,000
end of month Assets totaled $486,000
ROA for month of October?
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %WELL8 TECHNICAL INBTITUTE Income statement For Year Ended December 31Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $418,290 Interest expense 73,810 Average total assets 3,700,000 Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
- Current fiscal year Accounts receivable: 4,532 Inventory: 5,372 Property, plant, and equipment, net: 9,178 Accounts payable: 3,183 Long-term debt: 14,001 Depreciation and amortization expense: 1,831 Net income: 5,791 The next year's forecasted balances for above accounts Accounts Receivable: 4,351 Inventory: 5,050 Property, plant, and equipment, net: 9,637 Accounts payable: 4,584 Long-term debt: 18,341 Depreciation and amortization expense: 1,977 Net income: 4,922 1. Using only the information given abouve what is the forecasted amount for Cash Flows from Operating Activities?A company reports the following income statement and balance sheet information for the current year:Net income $ 410,000Interest expense 90,000Average total assets 5,000,000Determine the return on total assets. Round percentage to one decimal place.Assume the following sales data for a company: Current year $896,005 Preceding year 607,844 What is the percentage increase in sales from the preceding year to the current year (rounded to one decimal place)? Oa. 47.4% Ob. 15.3% Oc. 32.2% Od. 79.6%
- Assume 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%Use the balance sheets and information provided about revenue and expenses to answer the question. Stuart Company Balance Sheet As of December 31, 2022 (amounts in thousands) Cash Accounts Receivable Inventory Property Plant & Equipment, Gross 243,000 71,000 Accumulated Depreciation 71,000 67,000 Property Plant & Equipment, Net 172,000 235,000 28,000 302,000 Other Assets Total Assets 373,000 Total Liabilities & Equity 373,000 Stuart Company Balance Sheet As of March 31, 2023 (amounts in thousands) Cash 84,000 Accounts Payable 47,000 42,000 Accounts Receivable Debt Other Liabilities Total Liabilities Paid-In Capital Retained Earnings Total Equity 87,000 44,000 Accounts Payable Debt Other Liabilities Total Liabilities 19,000 28,000 Inventory 50,000 29,300 Property Plant & Equipment, Gross 243,000 76,300 Accumulated Depreciation 72,100 67,000 Property Plant & Equipment, Net 170,900 235,600 Other Assets 27,000 302,600 Total Assets 378,900 Total Liabilities & Equity 378,900 28,000 34,000…Selected accounts from Westeros Company's adjusted trial balance for the year ended December 31 follow. $ 56,000 1,150 Depreciation expense Salaries expense Amortization expense 5,300 Sales Repairs expense Depletion expense Prepare its income statement. $ 11,500 23,000 3,300
- Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?Marian Company reported the following items for the month of July: Sales revenue $470,300 Cost of goods sold $225,000 Beginning inventory $74,500 Ending inventory $84,700 Days' inventory outstanding is: (Round intermediate numbers to two decimal places, final answer to the nearest day.) A. 121 days B. 365 days C. 129 days D. 137 days