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1 part)At the end of 2016, the following information is available for ABC Company and XYZ…

part)At the end of 2016, the following information is available for ABC Company and XYZ Company:Statement DataABCXYZTotal Assets$ 2,000,000$ 1,600,000Total Liabilities1,200,0001,200,000Owners’ Equity800,000400,000Net Income120,00080,000Required:1) For each company, calculate the debt to assets ratio and the return on equity ratio.2) For each company, calculate the return on assets ratio.3) Which company had a greater level of debt risk? Why?4) What is financial leverage? Which company is using financial leverage more successfully?2 part)Record the general journal entries for the following transactions for Stuart Corporation for 2016.1) Performed services for $26,000 cash.2) Purchased $800 of office supplies on account.3) Purchased land for $95,000 cash.4) Paid salary expense of $16,500.5) Paid for $600 of the supplies purchased in event 2.6) Collected $15,000 in advance for services to be provided over the next 12 months.7) Recognized $10,000 of revenue on the contract from event 6.8) Accrued $5,500 of salary expense.13 part)The following adjusted trial balance is for Wayne Company as of December 31, 2016. Using thisinformation, prepare Wayne’s 2016 closing entries, income statement, and balance sheet.Wayne CompanyAdjusted Trial BalanceDecember 31, 2016DebitCreditCash16,350Accounts receivable37,050Office supplies1,650Land120,000Accounts payable27,000Common stock60,000Retained earnings35,400Dividends7,500Consulting revenue292,500Salaries expense180,000Office supplies expense5,850Insurance expense10,500Rent expense36,000Totals414,900414,9004 part)The following information was taken from the books of Jefferson Corporation. A partial list ofaccounts and balances as of December 31, 2016 after adjustments have been posted:Common stock$ 10,000Accounts payable2,000Equipment18,000Supplies1,000Consulting revenue24,000Supplies expense1,400Dividends4,000Utilities expense2,000Cash2,000Salaries expense10,0002 Salaries expense10,000Accounts receivable4,000Rent expense6,000Required:a) Prepare the necessary closing entries in general journal form.Account TitleDebitCreditb) Assuming the balance of Retained Earnings prior to closing was $6,400, what is its balanceimmediately after closing?35 part)The following is a list of selected events for Outdoor World for 2016. Outdoor World uses aperpetual inventory system and had a zero inventory balance prior to these transactions.1) Purchased merchandise on account for $170,000.2) Sold inventory costing $124,000 for $208,000 on account.3) Paid transportation-out cost of $7,000 on goods sold.4) Paid operating expense of $55,200.5) Sold land for $45,400 that had cost $50,000.6) A count of the inventory revealed that there was $45,800 of inventory on hand at the end of2016.Required: Answer the following questions based on the above information.a) What was Outdoor World’s net income for 2016?b) Compute gross margin and the gross margin percent for 2016.c) What amount of inventory will appear on the balance sheet for December 31, 2016?d) Based on the above information, prepare a multistep income statement for 2016.6 part)Chopin Co. sells product A. The beginning inventory for product A was 70 units @ $240 per unit.During the year, Chopin purchased 110 units of product A at $216 per unit. The company sold 140units of product A @ $400 per unit at the end of the year.Required: Determine the amount of product cost that would be allocated to cost of goods sold and endinginventory using (1) FIFO, (2) LIFO, and (3) weighted average.7 part)The May 31, 2016, balance per bank statement was $12,400. The cash balance per books was$17,000. Outstanding checks amounted to $1,700, and deposits in transit were $4,800. The bankstatement contained an NSF check for $1,100, a service charge for $50, and a debit memo fordirect payment of the telephone bill of $350.Required:a) Prepare a bank reconciliation to determine the true cash balance at May 31, 2016.b) Prepare any necessary journal entries.8 part)Vincent Company accepted a 12-month, 7% promissory note from a customer, Graves Company,on September 1, 2016, in exchange for $24,000 of services that Vincent performed.Preparegeneral journal entries for the following:a) acceptance of the note on September 1, 2016b) accrual of interest on December 31, 2016c) collection of principal and interest on August 31, 201749 part) Vancouver Company began 2016 with balances in accounts receivable and allowance for doubtfulaccounts of $92,800 and $9,280, respectively. The company reported credit sales of $875,550during the year, collected $870,200, and wrote off $6,800 of uncollectible accounts. Vancouverestimates that 10% of its accounts receivable balance will be uncollectible.Required:a) What will Vancouver report as its allowance for doubtful accounts on December 31, 2016?b) Prepare the adjusting journal entry for December 31, 2016 to recognize uncollectible accountsexpense.c) Calculate Vancouver’s net realizable value of accounts receivable on December 31, 2016.

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