Below are incomplete financial statements. Income StatementStatement of Stockholders' EquityRevenues(a)?CommonStockRetainedEarningsExpenses:?Beginning$15,000$8,000Salaries$11,000Issuances(c)?Rent5,000Net income?3,000Advertising7,000Dividends (d)Net income (b)Ending$18,000$9,000Balance SheetAssets:?Liabilities:Cash$6,000Accounts payable$5,000Supplies(e)Stockholders' Equity:Land7,000Common Stock(g)Buildings14,000Retained Earnings (h)Total assets (f)Total liabilities and stockholders' equity (i)Required:Calculate the missing amounts.
What will be an ideal response?
(Suggested order of calculation)
Statement of Stockholders' Equity:
$15,000 + (c) = $18,000
(c) = $3,000.
$8,000 + $3,000 - (d) = $9,000
(d) = $2,000.
Income Statement:
(b) = $3,000 (from Statement of Stockholders' Equity).
(a) - $11,000 - $5,000 - $7,000 = $3,000 (b)
(a) = $26,000.
Balance Sheet:
(g) = $18,000 (from Statement of Stockholders' Equity).
(h) = $9,000 (from Statement of Stockholders' Equity).
$5,000 + $18,000 (g) + $9,000 (h) = (i)
(i) = $32,000.
(f) = $32,000 (total assets = total liabilities and stockholders' equity).
$6,000 + (e) + $7,000 + $14,000 = $32,000 (f)
(e) = $5,000.
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What will be an ideal response?
Cabell Products is a division of a major corporation. Last year the division had total sales of $26,520,000, net operating income of $2,524,320, and average operating assets of $7,200,000. The company's minimum required rate of return is 10%.The division's turnover is closest to:
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