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Comment on the appropriateness of the accounting

1.Comment on the appropriateness of the accounting procedures:(a) During the year, the company purchased equipment through the issuance of common stock. The stock had a par value of $20,000 and a fair value of 100,000. The fair value of the equipment was not easily determinable. The company recorded this transaction as follows.Equipment 20,000 Common Stock 20,000(b) On December 23, Year 1, an order of $48,000 has been received from a customer for products on hand. This order was shipped on January 10, Year 2. The company made the following entry in Year 1.Accounts Receivable 48,000 Sales Revenue 48,0002.Prepare the adjusting entry for following items on December 31 of the current year.1. The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year casualty insurance policy dated September 1 of the current year.2. On November 1, Rent Revenue was credited for $2,400, representing revenue from a subrental for a 3-month period beginning on that date.3. Purchase of supplies for $800 during the year was recorded in the supplies account. On December 31, supplies of $290 are on hand.4. Interest of $770 has accrued on notes payable.3. December 31, 2015 2014 Cash $ 4,300 $ 3,700 Accounts receivable (net) 22,000 23,400 Inventories 10,000 7,000 Plant assets (net) 75,000 86,000 Total 111,300 120,100 Accounts payable 12,370 11,100 Bonds payable 70,000 70,000 Common stock, $10 par 65,000 59,000 Paid-in capital 10,000 10,000 Retained earnings 24,300 20,600 Net credit sales 100,000 Cost of goods sold 60,350 Net income 14,000InstructionsCompute the following ratios for 2015.(a) Current ratio.(b) Acid-test ratio.(c) Accounts receivable turnover.(d) Inventory turnover.(e) Profit margin on sales.(f) Asset turnover.(g) Return on assets.(h) Return on common stockholders’ equity.

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