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Nanticoke Industries had the following operating results for 2020: sales $29,220; cost of goods sold = $19,560; depreciation expense = $5,100; interest expense = $2,490;
Nanticoke Industries had the following operating results for 2020: sales $29,220; cost of goods sold = $19,560; depreciation expense = $5,100; interest expense = $2,490; dividends paid = $1,250. At the beginning of the year, net assets were $16,880, current assets were $5,820, and current liabilities were $3,360. At the end of the year, net fixed assets were $20,460, current assets were $7,360, and current liabilities were $3,940. The tax rate for 2020 was 30%
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