Brass Corporation declared and paid $4,700 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data: Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Interest expense Income before income taxes Income tax expense Net income Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities Notes payable (long-term) Current $ 265,000 144,000 121,000 70,300 4,400 46,300 13,890 $ 32,410 $ 8,210 36,000 57,000 62,000 $ 163,210 $ 16,500 62,000 Previous $ 233,000 134,000 99,000 64,000 4,300 30,700 4,700 $ 26,000 $ 9,700 31,500 52,000 55,000 $ 148,200 $ 30,900 62,000
Brass Corporation declared and paid $4,700 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data: Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Interest expense Income before income taxes Income tax expense Net income Balance Sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities Notes payable (long-term) Current $ 265,000 144,000 121,000 70,300 4,400 46,300 13,890 $ 32,410 $ 8,210 36,000 57,000 62,000 $ 163,210 $ 16,500 62,000 Previous $ 233,000 134,000 99,000 64,000 4,300 30,700 4,700 $ 26,000 $ 9,700 31,500 52,000 55,000 $ 148,200 $ 30,900 62,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 39E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
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