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1. Determine the following measures for 2014, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use
1. Determine the following measures for 2014, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.
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Nineteen Measures of Solvency and Profitability The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $57 on December 31, 2014. Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2014 and 2013 2014 2013 $4,771,800 Retained earnings, January 1 $4,010, 100 Add net income for year 1,036,000 821,300 $4,831,400 $5,807,800 Total Deduct dividends on preferred stock $14,000 $14,000 45.600 45,600 On common stock Total $4,771,800 Retained earnings, December 31 $5,748,200 Blige Inc. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 2013 2014 $6,182,470 $5,687,900 Sales Sales returns and allowances 30,760 19,990 $6,151,710 $5,667,910 Net sales 2 364,030 Cost of goods sold 2,569,600 $3 582,110 Gross profit $3,303,880 Selling expenses $1,108,770 $1,388,220 944,510 815 300 Administrative expenses Total operating expenses 2,053,280 2,203,520 Income from operations $1,100,360 other income $1,609,300 $1,170,600 Other expense (interest) 237,600 $1,177,300 Income before income tax $933,000 Income tax expense 141,300 111,700 Net income $1,036,000Step by Step Solution
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