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Assignment
Condensed financial data of Belt Corp. for 2014 and 2013 arc resented below.
FULTON CORP. Competitive Balance Sheet As or December 31
2014
2013
Cash
$ 800
$ 600
Investments
-0-
200
Receivables
2,250
2.100
Inventory
1,600
1200
Plant assets
1,200
Accumulated Depreciation
600
(455)
$5,650
$4,845
Accounts payable
$ 750
$1,200
Accrued liabilities
330
520
Bonds payable
800
1,000
Capital stock
1,400
Retained earrings
2,270
725
$4 ,845
FULTON CORP. Income Statement Foe the Year Ended December 31, 2014
Sales
$15,200
Cost of goods sold
10,400
Gross margin
4,600
Selling and administrative expense
1,205
Income from operations
3,595
Other ravenous and gains Loss on Sale or investments
50
Income before income tax
3,545
Income ltx expense
1.400
Net income
2,145
Cash dividends
Income retained in business
$ 1,545
Additional information:
During the year, $100 common stock was issued in exchange for land. No plant assets were sold in 2014.
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