Question
The 2020 financial statements for Rand and Tand companies are summarized below Statement of Financial P Rand Company Tand Company $25,000 $ 45,000 Cash
The 2020 financial statements for Rand and Tand companies are summarized below Statement of Financial P Rand Company Tand Company $25,000 $ 45,000 Cash Accounts receivable (net) 55,000 5,000 Inventory 110,000 25,000 Property, plant, and equipment (net) 550,000 160,000 Other assets 140,000 $7,000 Total assets $330,000 $397.000 Curren abilities $120,000 $ 35,000 Long-term debt (12%) 190,000 55,000 Share capital 480,000 230,000 Contributed surplus 50,000 4,000 Retained earnings 38,000 1000 Other comprehensive income 2.000 1,000 Total liabilities and shareholders' equity $130000 $393.000 Statement of Earnings Sales revenue (on credit) (+)$800,000 (%)$280,000 Cost of sales (480,000) (150,000) Expenses (including interest and income tax) (240.000) 5000 Net earnings $80.000 $15,000 Selected Data from the 2019 Statements Accounts receivable set $47,000 $ILOOD Long-term debt (12%) 190,000 55,000 95,000 31000 Inventory Other Data Share price at end of 2020 Income tax rate Dividends declared and paid in 2020 Number of common shares during 2020 $14.00 $1100 30% 30% $ 20,000 $9000 24,000 10,500
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