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To follow are the condensed Financial Statements of Glassgow Corporation: Glassgow Corporation Statement of Operations For the Year Ending 2019 2018 Gross Sales Returns Net
To follow are the condensed Financial Statements of Glassgow Corporation: Glassgow Corporation Statement of Operations For the Year Ending 2019 2018 Gross Sales Returns Net Sales $740,000 $40,000 $700,000 $425,000 $275,000 $600,000 $30,000 $570,000 $350,000 $220,000 Cost of Good Sold Gross Profit GSA Expenses (including income tax) $180,000 $95.000 $150,000 $70,000 1) DETERMINE THE FOLLOWING Cost of Goods sold % (one decimal) Gross Profit % (one decimal) Net Income % (one decimal) Glassgow Corporation Balance Sheet 2019 2018 ASSETS Current Assets Cash Accounts Receivable Inventory Other current Assets Total Current Assets $30,000 $50,000 $70,000 $20,000 $170,000 $20,000 $45,000 $75,000 $20,000 $160,000 Investments $55,000 $70,000 Plant & Equipment Total Assets $500,000 $725,000 $370,000 $600,000 LIABILITIES Current Liabilities Account Payable Payroll & Related Taxes Income Taxes Payable Total Current Liabilities $80,000 $3,000 $2,000 $85,000 $75,000 $3,000 $2,000 $80,000 Long term Liabilities Total Liabilities $145,000 $230,000 $85.000 $165,000 Equity Common Stock, $10 par Additional Paid in Equity Total Paid in Equity Retained Earnings $300,000 $20,000 $320,000 $175,000 $495,000 $290,000 $20,000 $310,000 $125,000 $435,000 Total Liability & Shareholders Equity $725,000 $600,000 Complete the Statement of Retained Earnings Glassgow Corporation Statement of Retained Earnings For the Year Ending 2019 Beginning Retained Earnings $125,000 Net Income for 2019 $125,000 Dividend Retained Earnings 12/31/19 $175,000 3) How many share of COMMON STOCK were outstanding at 12/312/19 4) What was the dividend per share DETERMINE THE FOLLOWING 2019 2018 CURRENT RATIO to 1 QUICK RATIO to 1 Receivable Turnover for 2019 only Average days outstanding of collection for 2019 only Earning Per Share to 2 decimals
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