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Information for Sunland Company is given below: Sunland Company Balance Sheet December 31, 2018 Assets $295000 1946000 2453000 Accounts payable Income taxes payable Miscellaneous accrued
Information for Sunland Company is given below: Sunland Company Balance Sheet December 31, 2018 Assets $295000 1946000 2453000 Accounts payable Income taxes payable Miscellaneous accrued payables Bonds payable (8%, due 2020) Preferred stock ($100 par, 6% 634000 188000 221000 1850000 Cash Accounts receivable (net) Plant and equipment, net of depreciation 1986000 258000 73900 $7011900 Patents cumulative nonparticipating) 750000 Common stock (no par, 60,000 Other intangible assets Total Assets shares authorized, issued and outstanding) 1121000 2474900 Retained earnings Treasury stock-1500 shares (227000) $7011900 of preferred Total Liabilities and Equity Sunland Company Income Statement Year Ended December 31, 2018 Net sales Cost of goods sold Gross profit Operating expenses (induding bond interest expense) Income before income taxes Income tax Net income $9300000 3300000 1600000 1700000 460000 $1240000 There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2018, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2018. Assume that preferred dividends for the current year have not been declared The rate of return for 2018 based on the year-end common stockholders equity was 1240003550900, 1240000 3595900. 1195000 3595900 11950003550900
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