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Prepare corrected balance sheet, income statement, ratio analysis, DuPont analysis

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Exercise 2.2)

Majestic Limousine Service
Balance Sheet
For the Year Ended February 28, 2002

Assets: Liabilities, & Stockholders' Equity:
Current Assets: Current Liabilities:
Cash $69,000 Accounts Payable $26,000
Accounts Receivable $78,000 Notes Payable $288,000
Supplies $14,000 Total Current Liabilities $314,000
Total Current Assets $161,000 Stockholders' Equity:
Land, Plant, & Equipment Capital Stock $100,000
Land $70,000 Retained Earnings $62,000
Building $80,000 Total Stockholders' Equity $162,000
Automobiles $165,000
Total Land, Plant, & Equipment $315,000
Total Assets $476,000 Total Liabilities, & Stockholders' Equity $476,000

Exercise 2.3)

Prosser Company
Balance Sheet
For the Year Ended December 31, 2002
Assets: Liabilities & Owners' Equity
Cash $36,300 Liabilities:
Accounts Receivable $56,700 Notes Payable $207,000
Land $90,000 Accounts Payable $43,800
Building $210,000 Total Liabilities $250,800
Tools & Equipment $12,400 Owners' Equity:
Capital Stock $75,000
Retained ...

Solution Summary

In both a word doc and an Excel format, the response clearly answers all the problems together with narrative for better understanding.

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