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3. For the following income statement and balance sheet, fill in the missing information for the calendar year ending December 31. Sales ($) 600,000__________ COGS

3. For the following income statement and balance sheet, fill in the missing information for the calendar year ending December 31. Sales ($) 600,000__________ COGS 200,000 Gross Profit 400,000__________ Expenses 300,000 EBIT (Operating Income)100,000___________ Interest Expense 10,000 EBT 90,000___________ Tax Expense(40%) 36,000 Net Income 54,000___________ Retained Earnings (Jan 1) 150,000 Dividends Paid 25,000 All assets, liabilities, and equity items are as of the end of the year. Current Assets $150,000 Non-current Assets ____________ Total Assets ____________ Current Liabilities $ 75,000 Long-term Liabilities ____________ Total Liabilities $ 171,000_____ CS and Capital in excess of par $ 300,000 Retained Earnings ____________ Total Stockholders Equity ____________

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