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Following are the balance sheet of Faustin Companys for 2014. FAUSTIN COMPANY'S Balance sheet Assets Cash $ 14,800 Marketable securities 7,500 Accounts receivable 12,980 Inventory
Following are the balance sheet of Faustin Companys for 2014.
FAUSTIN COMPANY'S Balance sheet | |||
Assets | |||
Cash | $ | 14,800 | |
Marketable securities | 7,500 | ||
Accounts receivable | 12,980 | ||
Inventory | 11,100 | ||
Property and equipment | 171,000 | ||
Accumulated depreciation | (12,300 | ) | |
Total assets | $ | 205,080 | |
Liabilities and Stockholders Equity | |||
Accounts payable | $ | 8,120 | |
Current notes payable | 3,360 | ||
Mortgage payable | 4,800 | ||
Bonds payable | 21,120 | ||
Common stock | 114,000 | ||
Retained earnings | 53,680 | ||
Total liabilities and stockholders equity | $ | 205,080 | |
The average number of common stock shares outstanding during 2014 was 860 shares. Net income for the year was $15,100. |
Required |
Compute each of the following. (Round your answers to 2 decimal places.)
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