Answered step by step
Verified Expert Solution
Question
1 Approved Answer
With this information, complete 1-18! The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 63
With this information, complete 1-18! The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 63 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 2041 2012 2011 $2,561,175 560,000 $2,160,925 442,600 Retained earnings, January 1 Net income Dividends: On preferred stock On common stock Retained earnings, December 31 (7,700) (34,650) $3,078,825 (7,700) (34,650) $2,561,175 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 2041 20Y2 20Y1 Sales $3,409,830 Cost of merchandise sold 1,185,520 $3,141,620 1,090,680 $2,050,940 $918,410 Gross profit Selling expenses Administrative expenses $2,224,310 $755,640 643,690 539,390 $1,457,800 Total operating expenses $1,399,330 Income from operations $824,980 $593,140 Other revenue and expense: Other revenue 43,420 37,860 (128,000) Other expense interest) Income before income tax expense (232,000) $636,400 76,400 $503,000 60,400 Income tax expense Net income $560,000 $442,600 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 2012 Assets 2011 Current assets: Cash $685,950 $490,360 812,590 Marketable securities 1,038,190 649,700 Accounts receivable (net) 613,200 Inventories Prepaid expenses 365,000 98,070 Total current assets 481,800 129,778 $2,985,418 1,916,350 3,190,000 Long-term investments $2,379,220 552,749 2,871,000 Property, plant, and equipment (net) Property, plant, and equipment (net) 3,190,000 2,871,000 Total assets $8,091,768 $5,802,969 Liabilities Current liabilities $932,943 $461,794 Long-term liabilities: I Mortgage note payable, 8% $0 $1,300,000 1,600,000 Bonds payable, 8% 1,600,000 Total long-term liabilities $2,900,000 $1,600,000 Total liabilities $3,832,943 $2,061,794 Stockholders' Equity $550,000 $550,000 630,000 630,000 Preferred $0.70 stock, $50 par Common stock, $10 par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 3,078,825 2,561,175 $4,258,825 $3,741,175 $8,091,768 $5,802,969 Determine the following me for 2012, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for bequent requirement required. Assume 3 days a year 1. Wong 2,052,475 2. Current rutie 1 2.5 5.4 67.6 days days 10. Times 12 13. hosty 15. mmg persona 16. Prices 17. Dividend perhat of common 18. Dividende
With this information, complete 1-18!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started