Powell Company began the Year 3 accounting period with $42,000 cash, $88,000 inventory, $62,000 common stock, and $68,000 retained earnings. During Year 3, Powell experienced the following events: Sold merchandise costing $59,000 for $101,500 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. Received returned goods from Prentise. The goods cost Powell $4,200 and were sold to Prentise for $6,200. Granted Prentise a $3,200 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $82,500 cash from accounts receivable. Required Record the events in a statements model shown below. Prepare an income statement, a balance sheet, and a statement of cash flows. Why would Prentise agree to keep the damaged goods

If we know that a firm has a net profit margin of 4.6 %, total asset turnover of 0.62, and a financial leverage multiplier of 1.54, what is its roe? what is the advantage to using the dupont system to calculate roe over the direct calculation of earnings available for common stockholders divided by common stock equity?

Companies in the u.s. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. in 2011 hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. the following data show the number of cars in service (1000s) and the annual revenue ($ millions) for six smaller car rental companies (auto rental news website, august 7, 2012). excel file: data14-09.xls if required, enter negative values as negative numbers. a. select a scatter diagram with the number of cars in service as the independent variable. b. what does the scatter diagram developed in part (a) indicate about the relationship between the two variables? c. use the least squares method to develop the estimated regression equation (to 3 decimals). ŷ = + x d. for every additional car placed in service, estimate how much annual revenue will change. by $ e. fox rent a car has 11,000 cars in service. use the estimated regression equation developed in part (c) to predict annual revenue for fox rent a car. round your answer to nearest whole value. $ million hide feedback partially correct

The sec has historically raised questions regarding the independence of firms that derive a significant portion of their total revenues from one audit client or group of clients because the sec staff believes this situation causes cpa firms to