Testbank Multiple Choice Question 62 Information for Sunland Company is given below: Sunland Company Balance Sheet December 31, 2021 Cash Accounts receivablet) Inventores Plant and equipment net of depreciation Pent Other intangibles 50000 192000 22000 1900000 E $285000 Accounts payable 1943000 Income the pare 2478000 Miscellaneous acord peables Bonds payable (2023) 1980000 Preferred stock (100 pas 261000 Cumulative nonparticipating Common stock (no. 60.000 56013600 shares authorizeded and outstanding Retained earnings Treasury stack 1500 shares of preferred 1124000 (220000) Sunland Company Income Statement Year Ended December 31, 2021 2200000 Cost of goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared. At December 31, 2021, the book value per share of common stock was $56.63 $54.33 Click if you would like to Show Work for this question Open Show Work 2800000 Testbank Multiple Choice Question 65 The following data are provided: December 31 2021 2020 Cash $ 1300000 $ 1000000 Accounts receivable (net) 1650000 1300000 Inventories 2150000 Plant assets (net) 6000000 6500000 Accounts payable 1000000 780000 Income taxes payable 210000 110000 Bonds payable 1450000 1450000 10% Preferred stock, $50 par 1800000 1800000 Common stock, $10 par 2300000 1850000 Paid-in capital in excess of par 1600000 1350000 Retained earnings 4100000 3550000 Net credit sales 13000000 Cost of goods sold 8350000 Operating expenses 3050000 Net income 1400000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1210000. On May 1, 2021, 45000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. The inventory turnover for 2021 is 13000 + 2800. 8350 = 2800. 13000 + 2475 o 8350 - 2475. Click if you would like to Show Work for this question: Open Show Work