Condensed financial data are presented below for the Tulsa Corporationto answer the following questions: Show your
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Condensed financial data are presented below for the Tulsa Corporationto answer the following questions:
Show your calculations at the end
2021 | 2020 | |
Accounts receivable | $277,500 | $230,000 |
Inventory | 310,000 | 250,000 |
Total current assets | 675,000 | 565,000 |
Total assets | 800,000 | 700,000 |
Current liabilities | 250,000 | 200,000 |
Long-term liabilities | 77,500 | 75,000 |
Sales | 1,640,000 | |
Cost of goods sold | 985,000 | |
Interest expense | 10,000 | |
Net income | 130,000 | |
Tax rate | 25% |
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date: