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Do these answers seem correct? Financial data for Windsor, Inc. for last year appear below: Windsor, Inc. Statements of Financial Position Beginning Balance Ending Balance
Do these answers seem correct?
Financial data for Windsor, Inc. for last year appear below: Windsor, Inc. Statements of Financial Position Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment (net) Investment in Pine Company Land (undeveloped) $ 266,000 $ 725,370 138,000 285,000 380,000 333,000 194,000 195,000 328,000 475,000 281,000 194,000 Total assets $1,739,000 $2,055,370 Liabilities and owners' equity: Accounts payable Long-term debt Owners' equity $ 170,000 226,000 846,000 983,370 846,000 723,000 Total liabilities and owners' equity $1,739,000 $2,055,370 Windsor, Inc. Income statement Sales Less operating expenses $ 2,390,000 1,696,900 Net operating income Less interest and taxes: Interest expense Tax expense 693,100 $101,800 207,930 309,730 Net income $ 383,370Step by Step Solution
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