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please see attached Q 3 JEY-7687 Inc. reported the following data for last year. JEY- 7687 Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash
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JEY-7687 Inc. reported the following data for last year. JEY- 7687 Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash $ 136, 090 $ 127,080 Accounts receivable 344, 090 486, 098 Inventory 567,090 488, 090 Plant and equipment, net 853, 090 839, 090 Investment in Tesla Inc. 396, 090 427,908 Land (undeveloped) 246, 908 252,908 Total assets $ 2, 542, 090 $ 2, 619, 090 Liabilities and Stockholders' Equity Accounts payable $ 372, 090 $ 339, 090 Long-term debt 970, 098 970, 090 Stockholders' equity 1, 209, 098 1,310, 090 Total liabilities and stockholders' equity $ 2,542, 090 $ 2, 619, 090 JEY-7687 Inc. Income Statement Sales $ 4, 032, Gee Operating expenses 3,507, 840 Net operating income 524, 168 Interest and taxes: Interest expense $ 125, Gee Tax expense 208, 980 333, 980 Net income $ 191, 168 JEY-7687 Inc. paid dividends of $81,160 last year. The "Investment In Tesla Inc." Item on the balance sheet represents an Investment In the stock of another company. The company's minimum required rate of return Is 15% What was the company's residual Income last year? O $ 248,910 O $ 229,410 $ 236,160 O $ 226,660Step by Step Solution
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