Short problem #1: Condensed data taken from the balance sheet at the end of the current year are as follows: Cash Marketable securities Accounts receivable Merchandise inventory Prepaid expenses Fixed assets (net) Accounts payable Notes payable (short-term, non-interest-bearing) Accrued liabilities. Bonds payable, 10% interest, due 2023 Preferred 9% stock, $50 par Common stock, $20 par Paid-in capital in excess of par-common stock Retained earnings Assets Liabilities and Stockholders' Equity Selected data related to the current fiscal year are: Average accounts receivable Average inventory Average stockholders' equity Average total assets Cash dividends paid on common stock Income before income tax Net income $ 200,000 80,000 500,000 170,000 20,000 1,700,000 $ 300,000 100,000 10,000 600,000 250,000 740,000 190,000 500,000 $ 275,000 180,000 1,450,000 2,400,000 111,000 500,000 340,000 5