Question
The following statement of financial position and statement of comprehensive income should be used. Woodburn, Inc. 2018 Statement of comprehensive income ($ in thousands) Net
The following statement of financial position and statement of comprehensive income should be used.
Woodburn, Inc.
2018 Statement of comprehensive income
($ in thousands)
Net Sales $6,380
Less: Cost of Goods Sold 4,120
Less: Depreciation 360
Earnings Before Interest and Taxes 1,900
Less: Interest Paid 45
Taxable Income 1,855
Less: Taxes 650
Net Income 1,205
Woodburn, Inc.
Statement of financial position
Years ended 2017 and 2018
($ in thousands) 2017 2018 2017 2018
Cash $230 $340
Accounts payable $850 1,020
Accounts rec. 910 950
Long-term debt 1,650 1,400
Inventory 1,490 1,460
Common stock 2,500 2,200
Total 2,630 $2,750
Retained earnings 820 1,350
Net fixed assets 3,190 3,220
Total assets $5,820 $5,970
Total liabilities & equity $5,820 $5,970
How many dollars of sales are being generated by every $1 that Woodburn has in total assets($ in thousands)? (Use 2018 assets)
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