1. Set up appropriate T-accounts. All accounts begin with zero balances. 2. Record in the T-accounts...

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1. Set up appropriate T-accounts. All accounts begin with zero balances. 2. Record in the T-accounts the effects of each transaction for Alpine Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. 3. Prepare a statement of earnings for the year ended April 30, 2023, as well as a classified statement of financial position as at April 30, 2023. 4. Write a short memo to the five owners, offering your opinion on the results of operations during the first month of business. 5. After three years in business, you are being evaluated for a promotion to chief financial officer. One measure is how efficiently you managed the assets of the business. The following data are available: 2025* 2024 2023 Total assets Total liabilities Total shareholders' equity $480,000 $320,000 $300,000 125,000 28,000 30,000 355,000 292,000 270,000 Total revenue 450,000 400,000 360,000 Net earnings (loss) 50,000 30,000 (10,000) Compute the total asset turnover ratio and the return on assets for 2024 and 2025 and evaluate the results. Do you think you should be promoted? Why? Ignore interest on the long-term note related to transaction (b). 1. Set up appropriate T-accounts. All accounts begin with zero balances. 2. Record in the T-accounts the effects of each transaction for Alpine Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. 3. Prepare a statement of earnings for the year ended April 30, 2023, as well as a classified statement of financial position as at April 30, 2023. 4. Write a short memo to the five owners, offering your opinion on the results of operations during the first month of business. 5. After three years in business, you are being evaluated for a promotion to chief financial officer. One measure is how efficiently you managed the assets of the business. The following data are available: 2025* 2024 2023 Total assets Total liabilities Total shareholders' equity $480,000 $320,000 $300,000 125,000 28,000 30,000 355,000 292,000 270,000 Total revenue 450,000 400,000 360,000 Net earnings (loss) 50,000 30,000 (10,000) Compute the total asset turnover ratio and the return on assets for 2024 and 2025 and evaluate the results. Do you think you should be promoted? Why? Ignore interest on the long-term note related to transaction (b).