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Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2014, were inventory, $48,900; total
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2014, were inventory, $48,900; total assets, $189,400; common stock, $90,000; and retained earnings, $22,748.)
CABOT CORPORATION Income Statement For Year Ended December 31, 2015 | ||
Sales | $ | 448,600 |
Cost of goods sold | 297,250 | |
Gross profit | 151,350 | |
Operating expenses | 98,600 | |
Interest expense | 4,100 | |
Income before taxes | 48,650 | |
Income taxes | 19,598 | |
Net income | $ | 29,052 |
CABOT CORPORATION Balance Sheet December 31, 2015 | ||||||
Assets | Liabilities and Equity | |||||
Cash | $ | 10,000 | Accounts payable | $ | 17,500 | |
Short-term investments | 8,400 | Accrued wages payable | 3,200 | |||
Accounts receivable, net | 29,200 | Income taxes payable | 3,300 | |||
Notes receivable (trade)* | 4,500 | Long-term note payable, secured | ||||
Merchandise inventory | 32,150 | by mortgage on plant assets | 63,400 | |||
Prepaid expenses | 2,650 | Common stock | 90,000 | |||
Plant assets, net | 153,300 | Retained earnings | 62,800 | |||
Total assets | $ | 240,200 | Total liabilities and equity | $ | 240,200 What is the Average common stockholders' equity? What is the average total assets? What is net sales? What are the quick assets? What are the current recievables? What are the total liabilities? What are the current liabilities? | |
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