Question 7 Comparative financial statement data for Cullumber Company and Crane Company, two competitors, appear below. All balance sheet data are as of December 31, 2017. Cullumber Crane Company Company 2017 2017 Net sales $2,700,000 $930,000 Cost of goods sold 1,762,500 510,000 Operating expenses 424,500 147,000 Interest expense 13,500 5,700 Income tax expense 127,500 54,000 Current assets 411,100 194,636 Plant assets (net) 798,000 209,592 Current liabilities 99,488 50,574 Long-term liabilities 162,750 61,026 Net cash provided by operating activities 207,000 54,000 Capital expenditures 135,000 30,000 Dividends paid on common stock 54,000 22,500 Weighted-average number of shares outstanding 80,000 50,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 7
Comparative financial statement data for Cullumber Company and Crane Company, two competitors, appear below. All balance sheet data are as of December 31,
2017.
Cullumber
Crane
Company
Company
2017
2017
Net sales
$2,700,000
$930,000
Cost of goods sold
1,762,500
510,000
Operating expenses
424,500
147,000
Interest expense
13,500
5,700
Income tax expense
127,500
54,000
Current assets
411,100
194,636
Plant assets (net)
798,000
209,592
Current liabilities
99,488
50,574
Long-term liabilities
162,750
61,026
Net cash provided by operating activities
207,000
54,000
Capital expenditures
135,000
30,000
Dividends paid on common stock
54,000
22,500
Weighted-average number of shares outstanding
80,000
50,000
Transcribed Image Text:Question 7 Comparative financial statement data for Cullumber Company and Crane Company, two competitors, appear below. All balance sheet data are as of December 31, 2017. Cullumber Crane Company Company 2017 2017 Net sales $2,700,000 $930,000 Cost of goods sold 1,762,500 510,000 Operating expenses 424,500 147,000 Interest expense 13,500 5,700 Income tax expense 127,500 54,000 Current assets 411,100 194,636 Plant assets (net) 798,000 209,592 Current liabilities 99,488 50,574 Long-term liabilities 162,750 61,026 Net cash provided by operating activities 207,000 54,000 Capital expenditures 135,000 30,000 Dividends paid on common stock 54,000 22,500 Weighted-average number of shares outstanding 80,000 50,000
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