Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 67 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Retained earnings, January 1 $3,595,450 $3,035,750 Net income 851,200 621,800 Dividends: On preferred stock On common stock (10,500) (10,500) (51,600) (51,600) $4,384,550 Retained earnings, December 31 $3,595,450 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales $4,847,930 $4,466,640 Cost of merchandise sold 1,594,320 1,466,770 Gross profit $3,253,610 $2,999,870 Selling expenses $1,112,980 $1,377,430 Administrative expenses 948,100 808,960 Total operating expenses $2,061,080 $2,186,390 Income from operations $1,192,530 $813,480 Other revenue and expense: Other revenue 62,770 51,920 Other expense (interest) (288,000) (158,400) Income before income tax expense $967,300 $707,000 Income tax expense 116,100 85,200 Net income $851,200 $621,800 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Assets Current assets: Cash $726,520 $966,540 Marketable securities 1,099,590 1,601,690 Accounts receivable (net) 861,400 810,300 Inventories 642,400 496,400 Prepaid expenses 137,446 193,310 Total current assets $3.467.356 $4.068.240
Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 67 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Retained earnings, January 1 $3,595,450 $3,035,750 Net income 851,200 621,800 Dividends: On preferred stock On common stock (10,500) (10,500) (51,600) (51,600) $4,384,550 Retained earnings, December 31 $3,595,450 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales $4,847,930 $4,466,640 Cost of merchandise sold 1,594,320 1,466,770 Gross profit $3,253,610 $2,999,870 Selling expenses $1,112,980 $1,377,430 Administrative expenses 948,100 808,960 Total operating expenses $2,061,080 $2,186,390 Income from operations $1,192,530 $813,480 Other revenue and expense: Other revenue 62,770 51,920 Other expense (interest) (288,000) (158,400) Income before income tax expense $967,300 $707,000 Income tax expense 116,100 85,200 Net income $851,200 $621,800 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Assets Current assets: Cash $726,520 $966,540 Marketable securities 1,099,590 1,601,690 Accounts receivable (net) 861,400 810,300 Inventories 642,400 496,400 Prepaid expenses 137,446 193,310 Total current assets $3.467.356 $4.068.240
Chapter1: Financial Statements And Business Decisions
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