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Markus Companys common stock sold for $3.50 per share at the end of this year. The company paid a common stock dividend of $0.63 per
Markus Companys common stock sold for $3.50 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this years financial statements: |
Ending Balance | Beginning Balance | |||
Cash | $ | 35,000 | $ | 34,000 |
Accounts receivable | $ | 70,000 | $ | 55,000 |
Inventory | $ | 60,700 | $ | 70,000 |
Current assets | $ | 165,700 | $ | 159,000 |
Total assets | $ | 557,000 | $ | 586,800 |
Current liabilities | $ | 67,500 | $ | 55,500 |
Total liabilities | $ | 152,000 | $ | 136,800 |
Common stock, $1 par value | $ | 133,000 | $ | 133,000 |
Total stockholders equity | $ | 405,000 | $ | 450,000 |
Total liabilities and stockholders equity | $ | 557,000 | $ | 586,800 |
This Year | ||||||||||||
Sales (all on account) | $ | 825,000 | ||||||||||
Cost of goods sold | $ | 478,500 | ||||||||||
Gross margin | $ | 346,500 | ||||||||||
Net operating income | $ | 194,250 | ||||||||||
Interest expense | $ | 10,500 | ||||||||||
Net income | $ | 106,400 | ||||||||||
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