Attached is the main data and here is the problem:
S Myra invested $7,500 cash in business during 2009 (the Dec 31, 2008 credit balance of the S Myra Capital Account was $125,100). Myra Co is required to mail a $6,000 payment on its long term notes payable during 2010.
2) Prepare the necessary closing entries at Dec 31, 2009.
3) Use the information in the financial statements to calculate these ratio's: (a) return on assets (total assets at Dec 31, 2008, were $200,000, (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.
Check: (1) Total Assets (12/31/2009), $253, 820; Net income $31,820
I am not sure how to do this...
Complete solution to your problem is provided in a separate excel file attached. The sheets are named as under.
1 Your ...
The statement of owner's equity for the calendar year 2009.