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    S&R Rentals rents and services different types of yard-impro

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    The following document contains some brain teasers randomly selected for another study template by my peers for an upcoming study session

    1. S&R Rentals rents and services different types of yard-improvement equipment. Information about the company's financial performance for a recent fiscal period is provided below:
    Average shares outstanding $ 15,000
    Costs of goods sold $ 44,000
    Debt outstanding $ 90,000
    General and administrative expenses $ 12,500
    Income tax expense $ 5,300
    Interest expense $ 8,800
    Payments to owners $ 20,000
    Rental revenue $ 41,000
    Sales revenue $ 28,700
    Selling expense $ 5,150
    Service revenue $ 23,900

    Calculate and total the answers for the following: Please show your work.
    a. Gross profit
    b. Operating expense
    c. Operating income
    d. Pretax income
    e. Net income
    f. Earnings per share

    2. Listed below are account balances for Bushing Company for June 30
    Accounts payable $ 29,000
    Accounts receivable $ 11,300
    Accumulated Depreciation $ 19,500
    Buildings $ 35,000
    Cash $ 31,000
    Contributed capital $ 30,000
    Costs of goods sold $ 14,600
    Equipment $ 45,000
    Interest payable $ 12,000
    Land $ 40,000
    Merchandise Inventory $ 52,400
    Notes payable current portion $ 13,500
    Notes payable long term $ 33,500
    Prepaid insurance $ 4,000
    Retained earnings $ 81,100
    Supplies on hand $ 3,900
    Trademarks $ 6,000
    Wage expense $ 22,500
    Wage payable $ 10,000

    Calculate and total the answers for the following: Please show your work.

    a. Current assets
    b. Current liabilities
    c. Property, plant and equipment
    d. Total assets
    e. Long term liabilities
    f. Total liabilities
    g. Total stockholder's equity
    h. Total liabilities and stockholder's equity

    3. Stratfield Inc. reported the following selected information for its 2008 fiscal year:
    Contributed capital for December 31, 2007 $ 16,500
    Retained earnings for December 31, 2007 $ 11,300
    Dividends $ 3,000
    Net income $ 12,980
    Common stock issued in 2008 $ 4,000

    Prepare a statement of stockholder's equity for the year ended December 31, 2008. Please left-align everything so that the formatting can be easily obtained.

    4. A list of financial statements is given below:
    a. Accounts receivable
    b. Rent payable
    c. Retained earnings
    d. Cost of sales
    e. Prepaid rent
    f. Supplies expense
    g. Equipment
    h. Dividends
    i. Depreciation expense
    j. Copyrights
    k. Accrued liabilities
    l. Wages payable
    m. Land
    n. Notes payable
    o. Service revenue
    p. Inventory
    q. Advertising expense
    r. Common stock
    s. Cash
    t. Gross profit

    Identify which of the statements each of these accounts belongs on by using the following codes:
    I = Income statement
    B= Balance sheet
    SE= Statement of stockholder's equity
    Two of the accounts will have more than one statement on which they will actually appear

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    Solution Summary

    S&R Rentals rents and services different types of yard-improvement equipment. Information about the company's financial performance for a recent fiscal period is provided below:

    $2.19

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