FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Markus Company’s common stock sold for $5.25 per share at the end of this year. The company paid a common stock dividend of $0.63 per share this year. It also provided the following data excerpts from this year’s financial statements:
Ending Balance |
Beginning Balance |
|||
Cash | $ | 49,000 | $ | 44,200 |
$ | 92,000 | $ | 68,700 | |
Inventory | $ | 76,300 | $ | 92,000 |
Current assets | $ | 217,300 | $ | 204,900 |
Total assets | $ | 801,000 | $ | 875,400 |
Current liabilities | $ | 85,500 | $ | 90,000 |
Total liabilities | $ | 206,000 | $ | 185,400 |
Common stock, $1 par value | $ | 165,000 | $ | 165,000 |
Total |
$ | 595,000 | $ | 690,000 |
Total liabilities and stockholders’ equity | $ | 801,000 | $ | 875,400 |
This Year | ||
Sales (all on account) | $ | 1,095,000 |
Cost of goods sold | $ | 635,100 |
Gross margin | $ | 459,900 |
Net operating income | $ | 313,875 |
Interest expense | $ | 15,500 |
Net income | $ | 208,862 |
7. What is the amount of
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