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Required Information The following information applies to the questions displayed below Summary information from the financial statements of two companies competing in the same industry
Required Information The following information applies to the questions displayed below Summary information from the financial statements of two companies competing in the same industry follows. Data fron the current year-end balance sheets Assets Cash Accounts receivable, net Current notes receivable (trade) Menchandise inventory Prepaid expenses Plant assets, net Total assets Data from the current year's income statement Sales $818,000 $918,280 592,180 632 580 7,780 14,000 15,569 25 349 194,631 246,351 70 3.75 3.96 s 19,589 35,800 Cost of goods sold 35,40951,400 Interest expense 9,58e 7,608 Income tax expense 84,940 134,5e0 Net income 5,489 7,608 Basic earnings per share 360,899311,400 Cash dividends per share 514,748 $547,see 5.41 Beginning-of-year balance sheet data Accounts receivable, net Liabilities and Equity Current liabilities Long-tere notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 28,880 521200 68, 340 s1e1,3ee Current notes receivable (trade) 81,880 181,000 Merchandise inventory 180,800 216,800 Total assets 61,600 189 1489 438,800 382,5e9 180, 000 216Joo0 124,969 53,921 18,600 129, 200 common stock, $5 par value $514,748 $547,580 Retained earnings
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