On the last day of December 2021, Coaster Trucks entered int…
On the last day of December 2021, Coaster Trucks entered into a transaction that resulted in a receipt of $300,000 cash in advance related to services that will be provided during January 2022. During December of 2021, the company also performed $165,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the company’s trial balance showed service revenue of $1,425,790 at December 31, 2021. There are no other prepaid services yet to be delivered, and during the month all outstanding accounts receivable from prior months were collected.If Coaster Trucks makes the appropriate adjusting entry, how much service revenue will be reflected on the December 31, 2021 income statement? Select one:
Read DetailsData from the financial statements of Albi Foods and Unimart…
Data from the financial statements of Albi Foods and Unimart, Inc., two national grocery chains are presented below: Albi Foods Unimart, Inc. Total liabilities, 2021 ……… $43,610 $23,817 Total liabilities, 2020 ……… 48,239 21,935 Total assets, 2021 ………… 64,743 29,652 Total assets, 2020 …………. 67,582 32,589 Revenue, 2021 ……………. 200,693 81,494 Net income, 2021……. 2,312 1,062 To the nearest hundredth of a percent, what is the 2021 return on equity ratio for Albi Foods? Select one:
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