Krall Company recently had a computer malfunction and lost a portion of its accounting records. The company has reconstructed some of its financial performance measurements including components of the return on investment calculations. Required: Help Krall rebuild its information database by completing the following table: Note: Round your intermediate calculations to 2 decimal places. Round your final answers to 2 decimal places, (i.e. 0.1234 should be entered as 12.34%.). Return on Investment Profit Margin Investment Turnover Average Invested Operating Income Sales Revenue Assets % % $ 42,000.00 $ 702,000.00 $ % 10.60% 0.46 $ 131,164.40 $ 1,450,000.00 2,690,000.00 % 15.90 % 1.90 $ 3,249,000.00 12.70 % % 2.75 $ 518,000.00

Krall Company recently had a computer malfunction and lost a portion of its accounting records. The company has reconstructed some of its financial performance measurements including components of the return on investment calculations. Required: Help Krall rebuild its information database by completing the following table: Note: Round your intermediate calculations to 2 decimal places. Round your final answers to 2 decimal places, (i.e. 0.1234 should be entered as 12.34%.). Return on Investment Profit Margin Investment Turnover Average Invested Operating Income Sales Revenue Assets % % $ 42,000.00 $ 702,000.00 $ % 10.60% 0.46 $ 131,164.40 $ 1,450,000.00 2,690,000.00 % 15.90 % 1.90 $ 3,249,000.00 12.70 % % 2.75 $ 518,000.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Damon Davis was concluding Drano Plumbing's paperwork. He predicted a $50,000 net profit. When he tallied up the columns on the Balance Sheet, he found that the debit column amounted to $400,000 and the credit column amounted to $300,000. What was the most likely source of the result discrepancy? If this was not the source of the problem, how might he continue to identify its origin?
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Damon Davis was doing the paperwork for Drano Plumbing. He estimated a net profit of $50,000. He discovered that the debit column on the balance sheet totaled $400,000 and the credit column, $300,000, when he added up the columns. What was the difference in the results' most likely cause? What should he do if this wasn't the root of the problem? How can he find out where it came from?
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