Question
Assume there are 360 days in the year Assume the company has no debt Retained earnings at December 31,2023 is $764,000 Common stock including
Assume there are 360 days in the year\ Assume the company has no debt\ Retained earnings at December 31,2023 is
$764,000
\ Common stock including Addition Paid in Capital is
$500,000
at the end of 2023\ In 2023\ Sales (all credit sales) are
$4.2
million\ Gross margin is
60%
\ : Net proft margin defined as net income after taxes is
8%
of sales The tax rate is
20%
\ What is Cost of Goods sold\ What is the gross profit\ What is OPEX (Operating Expenses)\ Receivable are collected in 35 days\ What is AR\
$20,000
of Dividends are paid in 2023\ What is equity at the end of 2023\ What is equity at the end of 2023 Assuming total assets are
5,700,000
what are the total liabilities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started