Department of the TreasuryInternal Revenue Service
U.S. Individual Income Tax Return
For the year Jan. 1Dec. 31, 2015, or other tax year beginning
Your first name and initial
OMB No. 1545-0074
1. Record the transactions in Summerborns general journal.
Prepare the Summerborns stockholders equity section of the balance sheet as of
December 31, 2014. Assume that Summerborn was authorized to issue 2,000
shares of preferred st
BS100 Business Math
Unit 1 Assignment
Answer the following questions directly on this document. Please bold or highlight your final answer.
Identify the place value of the underlined digit: 462.8391
The place value of the underlined 9 is the thousandth
1. Calculate the profit margin for 2016 and 2015.
2. Calculate the rate of return on total assets for 2016 and 2015.
3. Calculate the asset turnover ratio for 2016 and 2015.
4. Calculate the rate of return on common stockholders equity
1. Using T-accounts, open the listed accounts and insert the unadjusted June 30 balances.
2. Journalize and post the June 30 adjusting entries to the accounts that you
opened. Identify each adjusting entry by letter.
3. Prepare the cu
Compute the partners shares of profits and losses under each of the following plans:
a. Net loss for the year ended September 30, 2015 is $42,000, and the partnership
agreement allocates 45% of profits to Edwards, 35% to French, an
Accounts and Explanation
Received cash in exchange for a 6yr, 10% note
Purchased building with a mortgage payable
12/31/2014 Interest Expense
1. Determine the amount that would be reported in ending merchandise
inventory on November 15 using the FIFO inventory costing method.
2. Determine the amount that would be reported in ending merchandise
inventory on November 15 using t
Prepare the statement of cash flows of Jackson Educational Supply for the year ended
December 31, 2015. Use the indirect method to report cash flows from operating activities.
Evaluate Jacksons cash flows for the year. Mention a
How much cash did the company receive upon issuance of the bonds
(Round all numbers to the nearest whole dollar.)
Prepare an amortization table for the bond using the effective-interest
through the first two i
1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per ye
for the equipment under the three depreciation methods. Show your computations. Note: Three
depreciation schedules must be prepared.