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Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The com¬pany reported the following information for 19X7: Net sales $1,500,000 Interest expense 120,000 Income tax expense 80,000 Preferred dividends 25,000 Net income 130,000 Average assets 1,100,000 Average common stockholders' equity 400,000
a. Compute the profit margin on sales and the rates of return on assets and common stockholders' equity, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly ex¬plain
renfree mines inc. owns the mining rights to a large tract of land in a mountainous area. the tract contains a mineral
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Accounts receivable arising from sales to customers amounted to $40,000 and $35,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, t..
welnor industrial gas corporation supplies acetylene and other compressed gases to industry. data regarding the stores
In 2001, Genentech had 535.3 million average common shares outstanding, actual shares outstanding at year-end of 528.3 million and reported earnings per share of $.28. Genentech's reported net income in 2001 equals
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Restate the entry for September 1, assuming the treasury shares were sold at $12 per share.
1. which gaap requires the use of depreciation for assets that have useful lives beyond 1 year? explain why this
Upon audit, the IRS disallowed the interest deduction, classifying it a non-deductible personal interest. Donald believes and has asked you to find support for the deduction.
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