In 2020, Teal Mountain Fort Corporation had net sales of $510,000 and cost of goods sold of $330,000. Operating expenses were $93,500, and interest expense was $8,300. The corporation's tax rate is 30%. The corporation declared preferred dividends of $6,300 in 2020, and its average common stockholders' equity during the year was $560,000. (a) Prepare an income statement for Teal Mountain Fort Corporation. TEAL MOUNTAIN FORT CORPORATION Income Statement $

In 2020, Teal Mountain Fort Corporation had net sales of $510,000 and cost of goods sold of $330,000. Operating expenses were $93,500, and interest expense was $8,300. The corporation's tax rate is 30%. The corporation declared preferred dividends of $6,300 in 2020, and its average common stockholders' equity during the year was $560,000. (a) Prepare an income statement for Teal Mountain Fort Corporation. TEAL MOUNTAIN FORT CORPORATION Income Statement $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Keokuk Corp. had the following operating results for 2021 & 2020. Keokuk paid dividends of $100,000 per year for both years and made capital expenditures of $45,000 in both years. The company's stock price in 2021 was $12.00 and $10.00 in 2020. In 2021, the industry average earnings multiple was 10, the free cash flow multiple was 20 and sales multiple was 2.00. Thecompany is publicly owned and has 1,050,000 shares of outstanding stock at the end of 2021. a. Calculate the 2021 value of the company using the earnings multiple. b. Calculate the 2021 value of the company using the free cash flow multiple c. Calculate the 2021 book value of the company's equity.
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Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year.
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