Question
The following condensed information is reported by Chachki Collectibles. 2024 2023 Income Statement Information Sales revenue $11,284,000 $8,600,000 Cost of goods sold 7,357,168 6,100,000 Net
The following condensed information is reported by Chachki Collectibles.
| 2024 | 2023 | |
|---|---|---|
| Income Statement Information | ||
| Sales revenue | $11,284,000 | $8,600,000 |
| Cost of goods sold | 7,357,168 | 6,100,000 |
| Net income | 371,280 | 268,000 |
| Balance Sheet Information | ||
| Current assets | $1,620,000 | $1,520,000 |
| Long-term assets | 2,220,000 | 1,920,000 |
| Total assets | $3,840,000 | $3,440,000 |
| Current liabilities | $1,220,000 | $920,000 |
| Long-term liabilities | 1,480,000 | 1,480,000 |
| Common stock | 820,000 | 820,000 |
| Retained earnings | 320,000 | 220,000 |
| Total liabilities and stockholders' equity | $3,840,000 | $3,440,000 |
Required: 1. Calculate the following profitability ratios for 2024: 2. Determine the amount of dividends paid to shareholders in 2024.
The following condensed information is reported by Chachki Collectibles. Required: 1. Calculate the following profitability ratios for 2024 : 2. Determine the amount of dividends paid to shareholders in 2024. Complete this question by entering your answers in the tabs below. Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place. Determine the amount of dividends paid to shareholders in 2024Step by Step Solution
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Principles Of Managerial Accounting
Authors: Christine Jonick, Dahlonega, GA
1st Edition
1940771455, 9781940771458
