Measures of liquidity, Salvency, and Profitability The comparative financial statements of Marshal Inc. ane as fallows. The markat price of Marshal comman stock was s 61 on December 31, 202. Comparative Balance Sheet Marshall Inc. December 31, 20Y2 and 20Y1 Comparative Retained Earnings Statement 20Y2 20Υ1 For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets tained earningk, lanuary 1 $3,089,050 S2,603,550 Current assets Net income 729,600 533,200 Cash $912.500 $815,990 Total S3,136,750 Marketable securities 1,381,080 1,352,220 Dividenda On prefemred stack S11,200 S11,200 Accounts receivable (net) 781,100 737,300 On common stock 36.500 36,500 Inventories 584,000 452,600 Total dividends $47,700 S47,700 Prepaid expenses 172,627 163,200 tained arnngs, December 31 $3.770,050 S3,089,050 Total current assets $3,831,307 $3,521,310 Long-term investments 1,386,498 972,249 Marshall Inc. . Comparative Income Statement Property, plant, and equipment (net) 4,550,000 4,095,000 For the Years Ended December 31, 20Y2 and 20Y1 Total assets $9,767,805 $8,588,559 20Y2 20Y1 Liabilities Sales $4,327,440 $3,987,130 Cost of goods sald 1,50.070 1,382820 Current liabilities $1,126,855 $2,199,509 Gros profe S2,824370 $2,604310 Long-term liabilities: Seling expenes S956,190 $1,190,400 Mortgage note payable, 8% $1,570,000 Adminstative expenes 814.540 699,130 Total operating xpenses S1,770,730 $1,8 30 Bonds payable, 8% 1,930,000 1,930,000 Income from operations S1,053.640 $714,780 Total long-term liabilities $3,500,000 $1,930,000 Other revena 55,460 45,620 Total liabilities $4,626,855 $4,129,509 $1,109,100 $760,400 Cther expense (interest) 280,000 Stockholders' Equity 154,400 Income before income tax S829,100 $606.000 Preferred $0.70 stock, $40 par $640,000 $640,000 Income tax epense 99,500 72,800 Common stock, $10 par 730,000 730,000 Nat income $729,600 $533,200 Retained earnings 3,770,950 3,089,050 Tatal sterlolde Lit CE 100.OEO
Measures of liquidity, Salvency, and Profitability The comparative financial statements of Marshal Inc. ane as fallows. The markat price of Marshal comman stock was s 61 on December 31, 202. Comparative Balance Sheet Marshall Inc. December 31, 20Y2 and 20Y1 Comparative Retained Earnings Statement 20Y2 20Υ1 For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets tained earningk, lanuary 1 $3,089,050 S2,603,550 Current assets Net income 729,600 533,200 Cash $912.500 $815,990 Total S3,136,750 Marketable securities 1,381,080 1,352,220 Dividenda On prefemred stack S11,200 S11,200 Accounts receivable (net) 781,100 737,300 On common stock 36.500 36,500 Inventories 584,000 452,600 Total dividends $47,700 S47,700 Prepaid expenses 172,627 163,200 tained arnngs, December 31 $3.770,050 S3,089,050 Total current assets $3,831,307 $3,521,310 Long-term investments 1,386,498 972,249 Marshall Inc. . Comparative Income Statement Property, plant, and equipment (net) 4,550,000 4,095,000 For the Years Ended December 31, 20Y2 and 20Y1 Total assets $9,767,805 $8,588,559 20Y2 20Y1 Liabilities Sales $4,327,440 $3,987,130 Cost of goods sald 1,50.070 1,382820 Current liabilities $1,126,855 $2,199,509 Gros profe S2,824370 $2,604310 Long-term liabilities: Seling expenes S956,190 $1,190,400 Mortgage note payable, 8% $1,570,000 Adminstative expenes 814.540 699,130 Total operating xpenses S1,770,730 $1,8 30 Bonds payable, 8% 1,930,000 1,930,000 Income from operations S1,053.640 $714,780 Total long-term liabilities $3,500,000 $1,930,000 Other revena 55,460 45,620 Total liabilities $4,626,855 $4,129,509 $1,109,100 $760,400 Cther expense (interest) 280,000 Stockholders' Equity 154,400 Income before income tax S829,100 $606.000 Preferred $0.70 stock, $40 par $640,000 $640,000 Income tax epense 99,500 72,800 Common stock, $10 par 730,000 730,000 Nat income $729,600 $533,200 Retained earnings 3,770,950 3,089,050 Tatal sterlolde Lit CE 100.OEO
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 8PB: The following select financial statement information from Vortex Computing. Compute the accounts...
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