32 FINANCIAL AcCOUNTING REVIEW PROBLEM: INTRODUCTION CHAPTER Mem is to proeide an opportunity to reciere both nexe concepts in the cru pujone of this rrts in prekous chapters. This cumulative reciere should assistene chapter and magjor conog integrating The purpose of this accounting comcepts and preparing for exams May, Inc. Listed below are compurative balance sheets and in for the 2011 and 2010 fiscal years (in millions) for two com ncome companies USE FOLLOWING INFORMATION FOR THE SEVEN QUESTIONS THAT E tatements with and Fer The Years Ended December 31, 2011 And 2010 fin millions COMPARATIVE COMMON-SIZE BALANCE SHEETS Dee. 3 Dec.31 Dee. 31 Dec. 31 Der. 31 Dee. 31 Dee.31 2011 20112012011 Dec. 3 2010 2011 2010 Toral assets % S 3.588 $ 3.952 $5,576 $5,110 Total labilites Tetal ownen equity Total ia And ewser's equity 5 8200 COMPARATIVE COMMON-SIZE INCOME STATEMENTS For The Years Ended December 31, 2011 And 2010 fin milions Inc May, Inc. Ended Dec31 Dec 31 Dec.31 Dec.31 Dec. 31 Dec. 31 Dee. 31 Dec. 31 2011 2010 2011 2010 2011 2010 2011 2010 $11,000 s9200 1000% 1000%|$10,600 s9300 100.0% 1000% Total evnues Total expesss I. The percent change in total revenues for Song, Ine. from 2010 to 2011 is approximately (round to the nearest whole percent): is approsimately (round to the nearest whole percent): (round to the nearest whole percent): 2. The peroent of liabilities to total liabilities and ouners' equity at the end of 2011 for Song, Inc. 3 The perrent of net income to total recenues for the year 92011 for Song Ine,is apromae 4. Total asset turnocer, based on aterage total assets, for 2011 for Song, Ine. Hs (round to one decimal place): approxdimately (round to one decimal place): in terms of controlling expenues from 2010 to 2011, which company had better 5. Return on total assets (ROA), based on 6. In terms of contr 7. aterage total assets for 20l1 for May, Ine which company had the least risk at December 31. 1 er 31, 2011