Question
SOLOMON COMPANY Balance sheet Assets Cash $ 14,900 Marketable securities 8,500 Accounts receivable 12,800 Inventory 10,700 Property and equipment 175,000 Accumulated depreciation (12,800 ) Total
SOLOMON COMPANY Balance sheet Assets Cash $ 14,900 Marketable securities 8,500 Accounts receivable 12,800 Inventory 10,700 Property and equipment 175,000 Accumulated depreciation (12,800 ) Total assets $ 209,100 Liabilities and Stockholders Equity Accounts payable $ 8,360 Current notes payable 3,680 Mortgage payable 4,200 Bonds payable 21,660 Common stock 113,200 Retained earnings 58,000 Total liabilities and stockholders equity $ 209,100 The average number of common stock shares outstanding during Year 3 was 870 shares. Net income for the year was $14,900. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.)
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