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Use the following information for JBS Corporation to answer the next question. INCOME STATEMENT Sales Cost of goods sold Gross profit Selling & Administrative Expenses
Use the following information for JBS Corporation to answer the next question. INCOME STATEMENT Sales Cost of goods sold Gross profit Selling & Administrative Expenses Depreciation Expense Operating Income Interest Expense Earnings Before Taxes Income Taxes (@ 40%) Net Income Dividends paid BALANCE SHEET Assets Cash Accounts receivable Inventory Plant & Equipment (net) Land $45,000 23,000 22,000 13,000 3,000 6,000 412 5,588 2,235 3,353 733 $1,800 7,600 5,220 18,000 1,000 Liabilities Account Payable Notes Payable Accrued expenses Long Term debt 2,600 3,300 3,100 4,000 Stockholders' Equity Par value+paid-in capital Retained Earnings 4,000 16,620 The operating profit margin is: A) 13.3% B) 16.2% C) 60% D) 37% Question 32 (1 point) Consider the information below for the next question. Some recent statements for Smolira Golf, Inc. follow: SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2016 and 2017 Assets As of December 31 2016 2017 ASSETS Current Assets Cash $4,607 $4,910 Accounts Receivable 6,702 8,149 Inventories 17,357 19,350 Total Current Assets $28,666 $32,409 Net Fixed Assets Total Assets $58,688 $87,354 $76,810 $109,219 Net Fixed Assets Total Assets $58,688 $87,354 $76,810 $109,219 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities Accounts Payable $3,413 Notes Payable 2,768 Other 138 Total Current Liabilities $6,319 $3,846 3,416 165 $7,427 $22,500 $19,000 Long-Term Debt Owners' Equity Par value and Paid-In Surplus Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity $38,000 $20,535 $58,535 $87,354 $38,000 $44,792 $82,792 $109,219 SMOLIRA GOLF, INC. 2017 Income Statement Sales $205,227 Less: Cost of Goods Sold 138,383 Less: Depreciation Expense 5,910 $60,934 Earnings Before Interest & Taxes (EBIT) Less: Interest Expense 1,617 Net Income Before Taxes $59,317 Less: Taxes (35%) 20,760 Net Income After Taxes $38,557 Dividends Paid $14,300 Retained Earnings $24,257 Round your answers to two decimal places. The current ratio for Smolira Golf for 2017 is A) 4.36 B) 2.15 C) 1.32 OD) 3.58
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