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Questions 68 through 72 employ the following data set: The selected data from the general ledger of the Louisville and Nashville Corporation at the end
Questions 68 through 72 employ the following data set: The selected data from the general ledger of the Louisville and Nashville Corporation at the end of the year reveal the following $ 65,000 50,000 110,000 140,000 10,000 900,000 125,000 Cash Temporary Investments Accounts and Notes Receivable Inventory Prepaid Expenses Fixed Assets (net) Accounts Payable Notes Payable (short-term, 100,000 25,000 non-interest bearing) Accrued Liabilities Mortgage Note Payable, 5%, 250,000 100,000 400,000 due in 2025 Preferred 8% Stock, $100 par Common Stock, $10 par Paid-in-Capital in Excess of 50,000 225,000 par, common stock Retained Earnings Selected data related to the 12 months of the current year reveal the following: Average stockholders' equity Average inventory Average total assets Cash dividends paid on common stock Cost of goods sold Income before income tax Interest expense Average common stockholders' equity 650,000 750,000 130,000 1,200,000 40,000 910,000 140,000 20,000 88,000 1,500,000 Net income Sales The common stock was selling for $25 per share at the end of the year. 68. The amount of working capital is a. $250,000 b. $200,000 c. $125,000 d. $100,000
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