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ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets MARNI COMPANY Balance Sheet As of December 31 LIABILITIES AND STOCKHOLDERS EQUITY Accounts payable Accrued expenses Long-term debt $ 50,000 100,000 200,000 650,000 $ 1,000,000 Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity $ 100,000 90,000 250,000 100,000 50,000 410,000 $ 1,000,000 MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Fixed lease expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (40%) Net income $ 2,000,000 C Refer to the tables above. The firm's average collection period is 1,750,000 $ 250,000 30,000 10,000 60,000 $ 150,000 25,000 $ 125,000 50,000 $ 75,000 assuming a 360-day calendar.

ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets MARNI COMPANY Balance Sheet As of December 31 LIABILITIES AND STOCKHOLDERS EQUITY Accounts payable Accrued expenses Long-term debt $ 50,000 100,000 200,000 650,000 $ 1,000,000 Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity $ 100,000 90,000 250,000 100,000 50,000 410,000 $ 1,000,000 MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Fixed lease expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (40%) Net income $ 2,000,000 C Refer to the tables above. The firm's average collection period is 1,750,000 $ 250,000 30,000 10,000 60,000 $ 150,000 25,000 $ 125,000 50,000 $ 75,000 assuming a 360-day calendar.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter24: Analysis Of Financial Statements
Section: Chapter Questions
Problem 10SPA: RATIO ANALY SIS OF COMPARATI VE FIN ANCIAL STATE MENT S Refer to the financial statements in Problem...
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ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets MARNI COMPANY Balance Sheet As of December 31 LIABILITIES AND STOCKHOLDERS EQUITY Accounts payable Accrued expenses Long-term debt $ 50,000 100,000 200,000 650,000 $ 1,000,000 Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity $ 100,000 90,000 250,000 100,000 50,000 410,000 $ 1,000,000 MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Fixed lease expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (40%) Net income $ 2,000,000 C Refer to the tables above. The firm's average collection period is 1,750,000 $ 250,000 30,000 10,000 60,000 $ 150,000 25,000 $ 125,000 50,000 $ 75,000 assuming a 360-day calendar.
Transcribed Image Text:ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets MARNI COMPANY Balance Sheet As of December 31 LIABILITIES AND STOCKHOLDERS EQUITY Accounts payable Accrued expenses Long-term debt $ 50,000 100,000 200,000 650,000 $ 1,000,000 Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity $ 100,000 90,000 250,000 100,000 50,000 410,000 $ 1,000,000 MARNI COMPANY Income Statement For the year ended December 31 Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Fixed lease expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (40%) Net income $ 2,000,000 C Refer to the tables above. The firm's average collection period is 1,750,000 $ 250,000 30,000 10,000 60,000 $ 150,000 25,000 $ 125,000 50,000 $ 75,000 assuming a 360-day calendar.
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