Cash Accounts receivable (net) Other current assets Investments Plant and equipment (net) 1. NOVAK CORPORATION Balance Sheets December 31 Current liabilities Long-term debt Common stock, $10 par Retained earnings Net sales Sales revenue Less: Sales returns and allowances Net income Additional information: 2022 $32,000 52,000 93,000 58,000 500,000 $735,000 $87,000 148,000 323,000 177,000 NOVAK CORPORATION Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Operating expenses (including income taxes) 2021 2022 $22,000 $20,000 47,000 98,000 370,000 $610,000 73,000 313,000 127,000 $82,000 $72,000 88,000 53,000 $743,000 43,600 181,870 699,400 428,311 271,089 $89,219 $735,000 $610.000 $543,000 2020 2021 67,000 48,000 358,000 $543,000 50,000 $603,000 32,265 570,735 352,878 217,857 151,764 $66,093 303,000 115,000 The market price of Novak's common stock was $7.00, $7.74, and $8.43 for 2020, 2021, and 2022, respectively. 2. You must compute dividends paid. All dividends were paid in cash.
Cash Accounts receivable (net) Other current assets Investments Plant and equipment (net) 1. NOVAK CORPORATION Balance Sheets December 31 Current liabilities Long-term debt Common stock, $10 par Retained earnings Net sales Sales revenue Less: Sales returns and allowances Net income Additional information: 2022 $32,000 52,000 93,000 58,000 500,000 $735,000 $87,000 148,000 323,000 177,000 NOVAK CORPORATION Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Operating expenses (including income taxes) 2021 2022 $22,000 $20,000 47,000 98,000 370,000 $610,000 73,000 313,000 127,000 $82,000 $72,000 88,000 53,000 $743,000 43,600 181,870 699,400 428,311 271,089 $89,219 $735,000 $610.000 $543,000 2020 2021 67,000 48,000 358,000 $543,000 50,000 $603,000 32,265 570,735 352,878 217,857 151,764 $66,093 303,000 115,000 The market price of Novak's common stock was $7.00, $7.74, and $8.43 for 2020, 2021, and 2022, respectively. 2. You must compute dividends paid. All dividends were paid in cash.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...
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