Account information Accrued Liabilities $ 23,000 Accounts Payable $ 36,000 Long-term Note Payable Accounts Receivable, net...
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Account information Accrued Liabilities $ 23,000 Accounts Payable $ 36,000 Long-term Note Payable Accounts Receivable, net Cash 100,500 Retained Earnings ? 100,000 Interest Expense 10,850 35,000 Dividends Payable 4,500 Inventory 190,500 Total Assets, December 31, 2022 567,500 Property, Plant, and Equipment, net 381,000 Net Income 140,750 Prepaid Expenses 15,500 Common Shareholders' Patent, net 37,000 Equity, December 31, 2022 520,000 Common Shares, 100,000 shares authorized, 33,000 shares issued and outstanding 165,000 Preferred Shares, $0.15, 25,000 shares authorized, 6,000 shares issued 30,000 Liabilities Current liabilities: Accounts payable Accrued liabilities payable Dividends payable Total current liabilities Long-term note payable Total liabilities Shareholders' Equity Contributed capital: Preferred shares, $0.15 25,000 shares authorized and 6,000 issued Common shares 100,000 shares authorized 33,000 shares issued Retained earnings Accounts payable Total shareholders' equity Total liabilities and shareholders' equity Required 1. Prepare the company's classified balance sheet in report format at December 31, 2023. 2. Compute the rate of return on total assets and the rate of return on common shareholders' equity for the year ended December 31, 2023. 3. Do these rates of return suggest strength or weakness? Give your reason. Account information Accrued Liabilities $ 23,000 Accounts Payable $ 36,000 Long-term Note Payable Accounts Receivable, net Cash 100,500 Retained Earnings ? 100,000 Interest Expense 10,850 35,000 Dividends Payable 4,500 Inventory 190,500 Total Assets, December 31, 2022 567,500 Property, Plant, and Equipment, net 381,000 Net Income 140,750 Prepaid Expenses 15,500 Common Shareholders' Patent, net 37,000 Equity, December 31, 2022 520,000 Common Shares, 100,000 shares authorized, 33,000 shares issued and outstanding 165,000 Preferred Shares, $0.15, 25,000 shares authorized, 6,000 shares issued 30,000 Liabilities Current liabilities: Accounts payable Accrued liabilities payable Dividends payable Total current liabilities Long-term note payable Total liabilities Shareholders' Equity Contributed capital: Preferred shares, $0.15 25,000 shares authorized and 6,000 issued Common shares 100,000 shares authorized 33,000 shares issued Retained earnings Accounts payable Total shareholders' equity Total liabilities and shareholders' equity Required 1. Prepare the company's classified balance sheet in report format at December 31, 2023. 2. Compute the rate of return on total assets and the rate of return on common shareholders' equity for the year ended December 31, 2023. 3. Do these rates of return suggest strength or weakness? Give your reason.
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Related Book For
Accounting
ISBN: 978-0132690089
9th Canadian Edition volume 2
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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