5.9 brief excercise solve this one question

Exercises 221 a. b. Compute the company's net income percentage in 2009, C. Compute the company's return on equity in 2009 Compute the company's current ratio at December 31. 2009 BRIEF EXERCISE 5.9 The following revenue figures were taken from Rosemont Corporation's adjusted trial balance at Measuring Interm the end of the following months (adjusting entries are performed monthly whereas closing entries are performed annually on December 31): Revenue March 31 (end of the first quarter) . September 30 (end of the third quarter) . $140,070 December 31 (end of the fourth quarter) ........ 450.000 680.000 Compute how much revenue the company earned from: a. April 1 through September 30. h. October I through December 31 (the fourth quarter). c. April 1 through December 31. B *BRIEF EXERCISE 5.10 Accountants at Warner Co. use worksheets similar to the one shown in Exhibit 5-14. on page 212 In the company's most current year-end worksheet, the amounts transferred from the adjusted trial The Worksheet balance columns to the balance sheet and income statement columns are as follows. Total amount transferred to the credit column of the balance sheet... .......... $410,000 Total amount transferred to the debit column of the balance sheet 540,000 Total amount transferred to the credit column of the income statement, 380,000 a. What was the company's net income for the year? b. What was the total amount transferred from the adjusted trial balance columns to the debit column of the income statement? Exercises connect EXERCISE 5:1. Listed below are nine technical terms used in this chapter: Accounting Liquidity Nominal accounts Real accounts Terminology Adequate disclosure After-closing trial balance Closing entries Income summary Interimn financial statements Dividends Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not describe any of the items. a. The accounting principle intended to assist users in interpreting financial statements. b. A term used to describe a company's ability to pay it's obligations as they come due. A term used in reference to accounts that are closed at year end. d. A term used in reference to accounts that are not closed at year-end. A document prepared to assist management in detecting whether any errors occurred in post ing the closing entries. f. A policy decision by a corporation to distribute a portion of its income to stockholders. The process by which the Retained Earnings account is updated at year end. g. Entries made during the accounting period to correct errors in the original recording of com- h. plex transactions. "The Worksheet"