Mei-kwei International's common stock sold for $3.55 per share at the end of this year. The company paid preferred stock dividendstotalling $4,400 and a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this year'sfinancial statements:CashAccounts receivableInventoryCurrent assetsTotal assetsCurrent liabilitiesTotal liabilitiesPreferred stockCommon stock, $1 par valueTotal stockholders' equityTotal liabilities and stockholders' equitySales (all on account)Cost of goods soldGross marginNet operating incomeInterest expenseNet incomeThis Year$ 750,000$ 440,000$ 310,000$ 162,000$$Working capitalCurrent ratio9,00093,000EndingBalance$$$$$$$$$$31,00064,000BeginningBalance$ 490,000$32, 200$53,70064,000$$ 149,900$ 506,00049,500126,00042,00084,00059, 200154,200490,00063,000 $140,000 $42,000 $84,000 $350,000 $ 380,000$ 506,000Required:What is the amount of working capital and the current ratio at the end of this year? (Round your current ratio answer to 2 decimalplaces.)

Working capital is the difference between total current assets and total current liabilities.…

Answered: Mei-kwei International's common stock…

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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Prag Co. reported the following financial data for its most current year: Beginning-of-year common stock $80,000 Beginning-of-year retained earnings 175,400 Net income 32,250 Dividends paid 8,500 Issuance of common stock 15,000 Compute Prag's end-of-year total stockholders' equity.
The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 61 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Retained earnings, January 1 $3,350,500 $2,822,200 Net income 748,800 578,100 Dividends: On preferred stock (9,800) (9,800) On common stock (40,000) (40,000) Retained earnings, December 31 $4,049,500 $3,350,500 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $4,270,500 $3,934,620 Cost of merchandise sold 1,608,920 1,480,210 Gross profit $2,661,580 $2,454,410 Selling expenses $844,790 $1,058,190 Administrative expenses 719,640 621,470 Total operating expenses $1,564,430 $1,679,660 Income from operations $1,097,150 $774,750 Other revenue and…
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