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Quarles Industries had the following operating results for 2015: sales = $29,820; cost of goods sold = $19,810; depreciation expense = $5,300; interest expense =
Quarles Industries had the following operating results for 2015: sales = $29,820; cost of goods sold = $19,810; depreciation expense = $5,300; interest expense = $2,640; dividends paid = $1,500. At the beginning of the year, net fixed assets were $17,230, current assets were $5,870, and current liabilities were $3,350. At the end of the year, net fixed assets were $20,710, current assets were $7,450, and current liabilities were $3,990. The tax rate for 2015 was 30 percent
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