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I need an andwer for all parts here current liability + long term debt+ common stock+ retained earnings equal $2,950,000. This is cut fron the
I need an andwer for all parts
P3-18 Common-size statement analysis A common-size income statement for Creek Enterprises' 2021 operations follows. Using the firm's 2022 income statement presented in Problem 3-16, develop the 2022 common-size income statement and compare it with the 2021 common-size statement. Which areas require further analysis and investigation? Provincial Imports Inc. Income Statement for the Year Just Ended Sales revenue $5,000,000 Less: Cost of goods sold 2,750,000 Gross profits $2,250,000 Less: Operating expenses 850,000 Operating profits $1,400,000 Less: Interest expense 200,000 Net profits before taxes $1,200,000 Less: Taxes (rate=21%) 252,000 Net profits after taxes $948,000 Less: Cash dividends 288,000 To retained earnings S 660,000 > Provincial Imports Inc. Balance Sheet for the Year Just Ended Assets Liabilities and stockholders' equity Cash $ 200,000 Accounts payable $ 700,000 Marketable securities 225,000 Taxes payable 95,000 Accounts receivable 625,000 Notes payable 200,000 Inventories 500,000 other current liabilities 5,000 Total current assets $1,550,000 Total current liabilities $1,000,000 Net fixed assets 1,400,000 Long-term debt 500,000 Total assets $2,950,000 Total liabilities $1,500,000 Common stock 75,000 Retained earnings here current liability + long term debt+ common stock+ retained earnings equal $2,950,000. This is cut fron the picture
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