On March 1, 2014, the amount of Norton Cook's capital in Cook's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:
Present, in good form, (a) an income statement for March, (b) a statement of owner's equity for March, and (c) a balance sheet as of March 31.
Definitions:
Price-earnings Ratio
A ratio for valuing a company that measures its current share price relative to its per-share earnings.
Weighted-average Shares
A calculation used in finance to adjust the number of outstanding shares for changes over a reporting period, impacting earnings per share calculations.
Stockholders' Equity
The residual interest in the assets of a corporation after deducting its liabilities, representing ownership equity spread among shareholders.
Retained Earnings
The amount of net income left over for the business after it has paid out dividends to its shareholders.
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