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Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Crane Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities 2020 $377,000 1,048,000 729,000 2019 $417,400 6,883,700 776,450 681,100 381,300 2,535,300 8,706,535 8,440,045 $11,241,835 $10,562,095 247,100 2,122,050 $3,181,000 $2,846,100 3,702,700 3,892,650 6,738,750

Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Crane Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities 2020 $377,000 1,048,000 729,000 2019 $417,400 6,883,700 776,450 681,100 381,300 2,535,300 8,706,535 8,440,045 $11,241,835 $10,562,095 247,100 2,122,050 $3,181,000 $2,846,100 3,702,700 3,892,650 6,738,750

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets. Liabilities and Stockholders' Equity Current liabilities. Long-term debt Total liabilities Crane Medical Comparative Balance Sheet As of December 31 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense 2020 $377,000 1,048,000 Net income before taxes Income taxes (30%) 729,000 381,300 2,535,300 8,706,535 $11,241,835 $3,181,000 3,702,700 6,883,700 59,000 104,650 4,194,485 Preferred stock. $5 par value Common stock. $0.25 par value Retained earnings Total stockholders' equity. Total liabilities and stockholders' equity $11,241,835 $10,562,095 4,358,135 2020 5,612,450 4,564,750 2019 2,840,250 $417,400 Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 1,724,500 300,300 776,450 681,100 247,100 1,424,200 427,260 2,122,050 8,440,045 $10,562,095 $2,846,100 3,892,650 6,738,750 59,000 103,900 $10,177,200 $9,613,900 5,298,750 3,660,445 3,823,345 2019 4,315,150 2,634,150 1,681,000 308,650 1,372,350 411,705
Transcribed Image Text:Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets. Liabilities and Stockholders' Equity Current liabilities. Long-term debt Total liabilities Crane Medical Comparative Balance Sheet As of December 31 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense 2020 $377,000 1,048,000 Net income before taxes Income taxes (30%) 729,000 381,300 2,535,300 8,706,535 $11,241,835 $3,181,000 3,702,700 6,883,700 59,000 104,650 4,194,485 Preferred stock. $5 par value Common stock. $0.25 par value Retained earnings Total stockholders' equity. Total liabilities and stockholders' equity $11,241,835 $10,562,095 4,358,135 2020 5,612,450 4,564,750 2019 2,840,250 $417,400 Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year 1,724,500 300,300 776,450 681,100 247,100 1,424,200 427,260 2,122,050 8,440,045 $10,562,095 $2,846,100 3,892,650 6,738,750 59,000 103,900 $10,177,200 $9,613,900 5,298,750 3,660,445 3,823,345 2019 4,315,150 2,634,150 1,681,000 308,650 1,372,350 411,705
Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Gross margin percentage b. Return on assets C. eTextbook and Media 427,260 $996,940 Return on common stockholders' equity Save for later Last saved 1 second ago. 29,500 433,400 462,900 534,040 3,660,445 $4,194,485 411,705 $960,645 Calculate the following profitability ratios for 2020. (Round answers to 1 decimal place, e.g. 50.1%.) 29,500 413,050 442,550 518,095 3,142,350 $3,660,445 44.9 % 9.1 % 23.6 % Attempts: 2 of 3 used Submit Answer
Transcribed Image Text:Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Gross margin percentage b. Return on assets C. eTextbook and Media 427,260 $996,940 Return on common stockholders' equity Save for later Last saved 1 second ago. 29,500 433,400 462,900 534,040 3,660,445 $4,194,485 411,705 $960,645 Calculate the following profitability ratios for 2020. (Round answers to 1 decimal place, e.g. 50.1%.) 29,500 413,050 442,550 518,095 3,142,350 $3,660,445 44.9 % 9.1 % 23.6 % Attempts: 2 of 3 used Submit Answer
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