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Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Cash Accounts receivable 5 21,400 Accounits payable S 121,000 89,700 88,100

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Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Cash Accounts receivable 5 21,400 Accounits payable S 121,000 89,700 88,100 Bonds payable long term) 53.100 Bdsiabilities Long-Term Assets Stockholders' Equity 5 526,000 51.300 Common stock Paid-in capital S 150,000 0,000 Gross fxed assets 374,700 Retained earnings Net fixed assets Total assets Total liabilities and equity S 537,300 S 1,803,000 780,000 Sales (on credit) Cost of goods sold Gross profit Selling and administrative expense 333,000 expenspense Operating profit Interest expense Earnings before taxes Tax expense Net income 400 S 549,700 Use net foxed assets in computing fixed asset turnover tincludes S18,200 in lease payments. SMITH CORPORATION Current Assets Liabilities Cash Marketable securities Accounts receiva ble 5 37,000 Accounts payable S 83,800 10,200 Bonds payable long term) 75,900 79,800 Long-Term Assets Stockholders Equity 75.000 30,000 42,600 S 509.400 Common stock Paid-in capital Gross foxed assets S 586,000 Less: Accumulated depreciation Net fixed assets 39308,500 Retained eamings Total assets 5 509,400 Total liabilities and equity Use net foxed assets in computing fixed asset tunover. S 1,170,000 Sales (on credit) Cost of goods sold Gross profit Selling and administrative expense 292,000 expensexpense Operating profit Interest expense Earnings before taxes Tax expense Net income 142,400 54,900 5 87,500

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