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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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