Question

Accounting and the Business Environment 61 Use the following information to answer SI-12 through S1-14. Elegant Arrangements has just completed operations for the year ended December 31, 2014. This is the third year of operations for the company. The following data hae been assembled for the business Insurance Expense Service Revenue Utilities Expense Rent Expense Rose, Capital, Jan. 1,2014 Cash 4,000 Salaries Expense 74,000 Accounts Payable 1,100 Office Supplies 13,000 Rose, Withdrawals 10,500 42,000 6,800 2,100 3,900 Accounts Receivable 5,500 4,700 Equipment 5,000 S1-12 Preparing the income statement Learning Objective s Prepare the income statement of Elegant Arangements for the year ended December 31, 2014 servicesS1-13 the statement of owner's equity Learning Objective 5 the statement of owner's equiry of Elegant Arrangements for the year ended ions: December 31, 2014 S1-14 Preparing the balance sheet Prepare the balance sheet of Elegant Arrangements as of December 31, 2014 Learning Objective 5 Preparing the statement of cash flows Main Streer Homes had the following cash transactions for the month ended July 31, 2014. S1-15 Learning Objective 5 Cash receipts: Owner contribution 8,000 Cash payments et been pu tion for Rent Utilities Salaries Purchase of equipment Owner withdrawals 3,000 1,500 2,100 10,750 5,250 balance, July 1, 2014 balance, July 31, 2014 12,500 17,900 satement of cash flows for Main Street Homes for the month Learning Objective 6 Advanced Water Services had net income for the month of October of $30,000 Assets as of the beginning an S1-16 Calculating Return on Assets (ROA) of the month totaled, $355,000, and $345,000, tively. Calculate Advanced Water Services' return on assets (ROA) for the

Answer 1