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Here are the financial details for Cedar Grove Enterprises for the fiscal year ending March 31, 2024: Accounts receivable: $120,000 Retained earnings, April 1, 2023:
Here are the financial details for Cedar Grove Enterprises for the fiscal year ending March 31, 2024:
- Accounts receivable: $120,000
- Retained earnings, April 1, 2023: $390,000
- Gain on operation of discontinued operations (before tax): $100,000
- Sales revenue: $1,700,000
- Cost of goods sold: $880,000
- Selling expenses: $180,000
- Cash: $95,000
- Common shares (80,000 common shares outstanding): $360,000
- Dividend revenue: $23,000
- Inventory: $145,000
- Unearned revenue: $9,000
- Equipment: $475,000
- Interest expense: $27,000
- Administrative expenses: $195,000
- Loans payable (maturity 2028): $215,000
- Accounts payable: $98,000
- Loss on disposal of discontinued operations (before tax): $110,000
- Depreciation expense: $68,000
- Loss on sale of assets (before tax): $18,000
Cedar Grove Enterprises is subject to a 26% income tax rate.
Requirements:
- Prepare a multiple-step income statement for Cedar Grove Enterprises for the fiscal year ending March 31, 2024.
- Compute the earnings per share if needed.
- Calculate the gross profit margin.
- Determine the operating income.
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