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lara31 [8.8K]
3 years ago
7

The financial statements of Flathead Lake Manufacturing Company are shown below. Income Statement 2017 Sales $ 9,300,000 Cost of

Goods Sold 5,750,000 Depreciation Expense 550,000 Gross Profit $ 3,000,000 Selling and Administrative Expenses 2,200,000 EBIT $ 800,000 Interest Expense 200,000 Income before Tax $ 600,000 Taxes 375,000 Net Income $ 225,000 Flathead Lake Manufacturing Comparative Balance Sheets 2017 2016 Cash $ 50,000 $ 40,000 Accounts Receivable 570,000 600,000 Inventory 530,000 460,000 Total Current Assets $ 1,150,000 $ 1,100,000 Fixed Assets 2,050,000 1,400,000 Total Assets $ 3,200,000 $ 2,500,000 Accounts Payable $ 320,000 $ 300,000 Bank Loans 480,000 400,000 Total Current Liabilities $ 800,000 $ 700,000 Long-term Bonds 1,500,000 1,000,000 Total Liabilities $ 2,300,000 $ 1,700,000 Common Stock (200,000 shares) 200,000 200,000 Retainded Earnings 700,000 600,000 Total Equity $ 900,000 $ 800,000 Total Liabilities and Equity $ 3,200,000 $ 2,500,000 Note: The common shares are trading in the stock market for $15 per share. Refer to the financial statements of Flathead Lake Manufacturing Company. The firm's return on equity ratio for 2017 is _________. (Please keep in mind that when a ratio involves both income statement and balance sheet numbers, the balance sheet numbers for the beginning and end of the year must be averaged.)

Business
1 answer:
Nina [5.8K]3 years ago
4 0

Question attached

Answer and Explanation:

Answer and explanation attached

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makkiz [27]

I believe the answer is: Self selection

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4 0
3 years ago
Read 2 more answers
Assigning manufacturing overhead costs and other indirect costs is called a:
Softa [21]

Answer:

Cost allocation

Explanation:

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6 0
2 years ago
20. The consumer price index was 120 in 2013 and 126 in 2014. The nominal interest rate during this period was 8 percent. What w
Stella [2.4K]

Answer: 3%

Explanation:

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= [(126-120)/120] × 100

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5 0
3 years ago
A firm decides to provide support services for its products for which its customers will pay extra. These services are not offer
Sindrei [870]

B) Added value

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3 0
3 years ago
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A company had net income of $252,327. Depreciation expense is $21,821. During the year, Accounts Receivable and Inventory increa
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Answer: Option (d) is correct.

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= $230,501

7 0
3 years ago
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