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Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant,
Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) Liabilities: $1,250,600 $193,000 Current liabilities Note payable, 6%, due in 15 years Total liabilities 962,000 $1,155,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during year) Common stock, $10 par (no change during year) $1,155,000 1,155,000 Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales Interest expense $1,232,000 504,000 $1,736,000 $46,200 149,800 196,000 1,540,000 $3,850,000 $15,212,800 $57,720
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