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Given the financial statements for Jones Corporation and Smith Corporation: Current Assets Liabilities 166,000 82,100 $ 29,700 Accounts payable Cash Accounts receivable Inventory 88,500 51,300
Given the financial statements for Jones Corporation and Smith Corporation: Current Assets Liabilities 166,000 82,100 $ 29,700 Accounts payable Cash Accounts receivable Inventory 88,500 51,300 Bonds payable (long term) Long-Term Assets Stockholders'Equity 542,000 154,700 S 150,000 70,000 88,700 $ 556,800 Common stock Paid-in capital Gross fxed assets Net fixed assets Total assets 387 300 Retained earnings $ 556,800 Total liabilities and equity Sales (on credit) Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating profit Interest expense Eamings before taxes Tax expense Net income 1,914,000 771,000 $ 1,143,000 325,000 59,600 758,400 9,200 749,200 102.300 S 646,900 "Use net flixed assets in computing fixed asset turnover tincludes $7,900 in lease payments
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