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Chap 17-4 Required Information The following information applies to the questions displayed below] Summary information from the financial statements of two companies competing in the
Chap 17-4
Required Information The following information applies to the questions displayed below] Summary information from the financial statements of two companies competing in the same industry follows. Data from the current year-end balance sheets Assets Cash Accounts receivable, net Current notes receivable (trade) Merchandise inventory Prepaid expensers Plant assets, net Total assets ata from the current year s income statement Sales $810,600 $918,200 92,100 632 5e 7,780 14,800 15, 569 25349 194,631 246,351 70 3.96 s 19,500 $ 35,880 Cost of goods sold 35,488 51,400 Interest expense , 5007,600 Income tax expense 84,940 134,5ee Net income S,400 7,600 Basic earnings per share 360,800311,400Cash dividends per share 514,740 $547,5ee 5.41 3.75 Beginning-of-year balance sheet data Accounts receivable, net Ltabilities and Equity Current liabilities Long-tere notes payable Common stock, $5 par value Retained earnings Total liabilities and equity s 28,800 $ 52]2e0 $68,340 $101,3ee Current notes receivable (trade) 81,886 181,688 Merchandise inventory 188,8ee 216,680 Total assets 184,680 129,20 Common stock, $5 par value 61,666 109 1408 438,860 382,50 188, 8e0 216 888 124,969 53,921 $514,74 $547,500 Retained earnings Step by Step Solution
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