The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales Costs $27,000 17,900 Balance Sheet Debt $ 29,700 35,500 Assets $65,200 Equity Тахable $ 9,100 Total $65,200 Total $65,200 income Taxes (24%) 2,184 Net income $ 6,916 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2.700
The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales Costs $27,000 17,900 Balance Sheet Debt $ 29,700 35,500 Assets $65,200 Equity Тахable $ 9,100 Total $65,200 Total $65,200 income Taxes (24%) 2,184 Net income $ 6,916 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2.700
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 4CE
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