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Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 122,700 Accounts payable $ 106,000 Accounts receivable 80,700
Given the financial statements for Jones Corporation and Smith Corporation:
JONES CORPORATION | ||||
Current Assets | Liabilities | |||
Cash | $ 122,700 | Accounts payable | $ 106,000 | |
Accounts receivable | 80,700 | Bonds payable (long term) | 89,300 | |
Inventory | 52,600 | |||
Long-Term Assets | Stockholders' Equity | |||
Gross fixed assets | $ 565,000 | Common stock | $ 150,000 | |
Less: Accumulated depreciation | 154,900 | Paid-in capital | 70,000 | |
Net fixed assets*Note asterisk | 410,100 | Retained earnings | 250,800 | |
Total assets | $ 666,100 | Total liabilities and equity | $ 666,100 |
Sales (on credit) | $ 1,855,000 |
---|---|
Cost of goods sold | 718,000 |
Gross profit | $ 1,137,000 |
Selling and administrative expenseNote dagger | 351,000 |
Depreciation expense | 50,500 |
Operating profit | $ 735,500 |
Interest expense | 10,600 |
Earnings before taxes | $ 724,900 |
Tax expense | 94,000 |
Net income | $ 630,900 |
*Net fixed assets Note asteriskUse net fixed assets in computing fixed asset turnover.
Selling and administrative expense Note daggerIncludes $13,200 in lease payments.
Compute the following ratios.
Note: Use a 360-day year. Do not round intermediate calculations. Input your profit margin, return on assets, return on equity, and debt to total assets answers as a percent rounded to 2 decimal places. Round all other answers to 2 decimal places.
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