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Please help to solve for 2020 actuals Acme Corporation Income Statement for the Year Ended December 31, 2020 Sales revenue $ 160,000 Less: Cost of
Please help to solve for 2020 actuals
Acme Corporation Income Statement for the Year Ended December 31, 2020 Sales revenue $ 160,000 Less: Cost of goods sold 106,000 Gross profits $ 54,000 Less: Operating expenses Selling expense $ 16,000 General and administrative expenses 10,000 Lease expense 1,000 Depreciation expense 10,000 Total operating expense $ 37,000 Operating profits Less: Interest expense Net profits before taxes $ 17,000 6,100 $ 10,900 Less: Taxes Net profits after taxes 4,360 $ 6,540 Acme Corporation Balance Sheet December 31, 2020 Assets Cash Marketable securities Accounts receivable $ 500 1,000 25,000 Inventories Total current assets Land 45,500 $ 72,000 $ 26,000 Buildings and equipment 90,000 Less: Accumulated depreciation 38,000 Net fixed assets $ 78,000 Total assets $ 150,000 Liabilities and Stockholders' Equity Accounts payable $ 22,000 Notes payable 47,000 Total current liabilities $ 69,000 Long-term debt 22,950 Common stock" 31,500 Retained earnings 26,550 Total liabilities and stockholders' equity $ 150,000 "The firm's 3,000 outstanding shares of common stock closed 2020 at a price of $25 per share. a. Use the preceding financial statements to complete the table below. Assume that the industry averages given in the table are applicable for both 2019 and 2020.
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