Liner Company has the following adjusted trial balance at December 31, 2014. No dividends were declared; however,

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Liner Company has the following adjusted trial balance at December 31, 2014. No dividends were declared; however, 400 additional shares were issued during the year for $ 2,000:

Liner Company has the following adjusted trial balance at December

Required:
1. Prepare a statement of earnings in good form for 2014. Include earnings per share.
2. Prepare closing entries and post the effects to the appropriate ledger accounts.
3. Prepare a statement of financial position in good form at December 31, 2014.
4. Compute Liner Company€™s net profit margin ratio and return on equity for the year. What do these ratios mean?

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Related Book For  answer-question

Financial Accounting

ISBN: 978-1259103285

5th Canadian edition

Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M

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