
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The following information pertains to Morrison Enterprises. Compute the
return on common stock equity.
Item
Amount ($)
Cash
30,000
Accounts Receivable
140,000
Inventory
90,000
Plant Assets (Net)
420,000
Total Assets
680,000
Accounts Payable
85,000
Accrued Taxes and Expenses
30,000
Long-Term Debt
60,000
Common Stock ($10 Par)
180,000
Paid-in Capital in Excess of Par 100,000
Retained Earnings
225,000
Total Equities
680,000
Net Sales (All on Credit)
900,000
Cost of Goods Sold
680,000
Net Income
95,000
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