Preparing Closing Entries, Financial Statements, and Ratios
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1. Prepare the income statement and the statement of owner's equity for the calendar year 2005 and the classified balance sheet at December 31, 2005.
2. Prepare necessary closing entries at December 31, 2005.
3. Use the information in the financial statements to calculate these ratios: (a) return on assets (total assets at December 31, 2004, was $150,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.
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Solution Summary
The solution prepares closing entries, financial statements and ratios.
Education
- BA, Ain Shams University, Cairo Egypt
- MBA, California State University, Sacramento
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