Completing End-ofPeriod Activities for a Partnership Richard Smooth and Carrie Overhill are partners in the firm of R&C Roofing. They agreed to divide net income or loss on the following basis: Smooth, ; Overhill, . The completed work sheet for R&C Roofing for the year ended December 31 appears in your working papers. Instructions In your working papers: 1. Prepare an income statement for the partnership. 2. Prepare a statement of changes in partners equity. 3. Prepare a balance sheet. 4. Journalize the adjusting and closing entries, beginning on page 27 of the general journal.
MGT 386 TEST Friday, October 14 Chapter 8: Financial Analysis Importance of a Solid Financial Foundation • evaluation of a ﬁrm starts with the mission of the organization relative to the industry in which is competes • the ﬁrm should focus on the key aspects with which the ﬁrm hopes to build its competitive advantage • the ﬁrm’s outcomes should be measured at intervals relevant to the business I. Techniques for Measuring Performance • company analysis should start general and become more speciﬁc • the most important analysis to be made is related to the business’s ability to make signiﬁcant proﬁts A. Ratio Analysis - a tool for the entrepreneur to use to examine the overall h