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    Exam Review Problem 13-H1

    Uploaded by

    Kim Hang
    The document provides financial information for Etse Manufacturing Inc. as of December 31, 2009 including assets, liabilities, equity accounts, and income statement items. It asks to prepare a classified balance sheet for December 31, 2010 and calculate rates of return on total assets and common shareholders' equity for the year ended December 31, 2010.

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    Exam Review Problem 13-H1

    Uploaded by

    Kim Hang
    34 views2 pages
    The document provides financial information for Etse Manufacturing Inc. as of December 31, 2009 including assets, liabilities, equity accounts, and income statement items. It asks to prepare a classified balance sheet for December 31, 2010 and calculate rates of return on total assets and common shareholders' equity for the year ended December 31, 2010.

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    The document provides financial information for Etse Manufacturing Inc. as of December 31, 2009 including assets, liabilities, equity accounts, and income statement items. It asks to prepare a classified balance sheet for December 31, 2010 and calculate rates of return on total assets and common shareholders' equity for the year ended December 31, 2010.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    34 views2 pages

    Exam Review Problem 13-H1

    Uploaded by

    Kim Hang
    The document provides financial information for Etse Manufacturing Inc. as of December 31, 2009 including assets, liabilities, equity accounts, and income statement items. It asks to prepare a classified balance sheet for December 31, 2010 and calculate rates of return on total assets and common shareholders' equity for the year ended December 31, 2010.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    BCIT Homework Problem 13-H (B13-H)

    The following accounts and related balances of Etse Manufacturing Inc. are arranged in no particular
    order.

    Accounts Payable.................... $ 36,000 Accrued liabilities..................... $ 23,000


    Retained Earnings................... ? Long-term Note Payable ......... 100,500
    Common Shares, 100,000 shares Preferred Shares, $0.15, 25,000 shares
    authorized, 33,000 shares issued..... 165,000 authorized, 6,000 shares issued.............. 30,000
    Dividends Payable .................. 4,500 Accounts Receivable, net......... 100,000
    Total assets, Dec. 31, 2009 ...... 567,500 Cash ............................................ 35,000
    Net income ............................... 40,750 Inventory ................................... 190,500
    Property, Plant, and Equipment, net .. 281,000 Common Shareholders’ Equity, Dec. 31,
    2009.......... 520,000
    Prepaid Expenses ..................... 15,500 Interest Expense ...................... 10,850
    Patent, net.................................. 37,000

    Required

    1. Prepare the company’s classified balance sheet in the report format at December 31, 2010.

    2. Compute the rate of return on total assets and the rate of return on common shareholders’ equity for
    the year ended December 31, 2010.

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