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the current solutions on chegg are not the correct ones Following are the individual financial statements for Gibson and Davis for the year ending December
the current solutions on chegg are not the correct ones
Following are the individual financial statements for Gibson and Davis for the year ending December 31, 2015: Gibson Davis (739,000) (442,500) Sales 189,000 320,000 Cost of goods sold Operating expenses 253,000 69,500 (18,000) Dividend income (184,000) S (184,000) Net income (737,000) (401,000) (184,000) (184,000) Net income Dividends declared 70,000 30,000 1,000) (555,000) Retained earnings, 12/31/15 256,600 146,000 Cash and receivables 526,000 217,000 nventory Investment in Davis 548,400 Buildings (net) 554,000 627,000 Equipment (net) 405,000 453,000 2,290,000 s 1,443,000 Total assets (809,000) S (548,000) Liabilities Common stock (630,000) (340,000) (851,000) Retained earnings, 12/31/15 (555,000) $(2,290,000) $(1,443,000) Total liabilities and stockholders' equityStep by Step Solution
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