The accounting records of Fabiano Distribution show the following assets and liabilities as of December 31, 2010 and 2011.
Late in December 2011, the business purchased a small office building and land for $225,000. It paid $120,000 cash toward the purchase and a $105,000 note payable was signed for the balance. Mr. Fabiano had to invest $35,000 cash in the business to enable it to pay the $120,000 cash. Mr. Fabiano withdraws $3,000 cash per month for personal use.
1. Prepare balance sheets for the business as of December 31, 2010 and 2011. (Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities.)
2. By comparing equity amounts from the balance sheets and using the additional information presented in this problem, prepare a calculation to show how much net income was earned by the business during 2011.
3. Compute the 2011 year-end debt ratio for the business.
Distinguish between devaluation and revaluation. (b) When is each of these undertaken by a government?Nov 28 2019
How are specialty products distributed? 4.) What are the key service characteristics a company must consider when designing marketing programs? Briefly describe each char...Aug 24 2020
itute.com Time Remaining: 4:42:05 Remember to leave yourself enough tme to review your resutsl Question5 Marked for Review[E An increasingly common land use pattern allow...Dec 04 2019
Balancing Strategy and Environmental SustainabilityKimpton’s founder, Bill Kimpton, is credited with inventing the “boutique” hotel segment in 1981. By 2005, Kimpton Hot...Aug 08 2020
spherical joint where the ball has a radius of 20 mm and socket has a radius of 22 mm. If the contact load is 50 N, E = 210 GPa, and 0.3, determine (a) the radius of the ...Jun 22 2020
Child Obesity in Public Schools and how public schools can take steps avoid it Subject: English Sources: 7 sources required Style: MLA Regards. Description Follow the Out...Aug 01 2020
Risk Managers use a number of methods for handling risk for each of the following what method for handling risk is usedMay 18 2018
9 +C Evaluate + 2.9xdx = 26Apr 19 2021
Find the elastic moduli of a glass/epoxy unidirectional lamina with 40% fiber volume fraction. Use the properties of glass and epoxy from Table 3.3 and Table 3.4, respectively.Jun 28 2020
The code of ethics of a company draws heavily upon documents such as the UN Universal Declaration of Human Rights, which itself is grounded in Kantian and rights-based th...Jan 11 2020