Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan Corporation Balance Sheets December 31 2020 2019 2018 Cash $ 30,800 $ 17,600 $ 18,700 Accounts receivable (net) 50,500 44,200 47,100 Other current assets 89,600 94,900 63,900 Investments 55,300 71,000 45,100 Plant and equipment (net) 500,500 370,000 358,500 $726,700 $597,700 $533,300 Current liabilities $85,500 $79,800 $69,400 Long-term debt 144,300 84,100 50,300 Common stock, $10 par 348,000 316,000 304,000 Retained earnings 148,900 117,800 109,600 $726,700 $597,700 $533,300 Jergan Corporation Income Statement For the Years Ended December 31 2020 2019 Sales revenue $738,000 $605,500 Less: Sales returns and allowances 39,100 29,900 Net sales 698,900 575,600 Cost of goods sold 425,600 367,000 Gross profit 273,300 208,600 Operating expenses (including income taxes) 182,443 151,040 Net income $ 90,857 $ 57,560 Additional information: 1. The market price of Jergan’s common stock was $7.00, $7.50, and $8.50 for 2018, 2019, and 2020, respectively. 2. You must compute dividends paid. All dividends were paid in cash.
Condensed balance sheet and income statement data for Jergan Corporation are presented here. Jergan Corporation Balance Sheets December 31 2020 2019 2018 Cash $ 30,800 $ 17,600 $ 18,700 Accounts receivable (net) 50,500 44,200 47,100 Other current assets 89,600 94,900 63,900 Investments 55,300 71,000 45,100 Plant and equipment (net) 500,500 370,000 358,500 $726,700 $597,700 $533,300 Current liabilities $85,500 $79,800 $69,400 Long-term debt 144,300 84,100 50,300 Common stock, $10 par 348,000 316,000 304,000 Retained earnings 148,900 117,800 109,600 $726,700 $597,700 $533,300 Jergan Corporation Income Statement For the Years Ended December 31 2020 2019 Sales revenue $738,000 $605,500 Less: Sales returns and allowances 39,100 29,900 Net sales 698,900 575,600 Cost of goods sold 425,600 367,000 Gross profit 273,300 208,600 Operating expenses (including income taxes) 182,443 151,040 Net income $ 90,857 $ 57,560 Additional information: 1. The market price of Jergan’s common stock was $7.00, $7.50, and $8.50 for 2018, 2019, and 2020, respectively. 2. You must compute dividends paid. All dividends were paid in cash.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 63BE: Asset Efficiency Ratios Rumsford Inc.s financial statements for 2019 indicate the following account...
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Condensed balance sheet and income statement data for Jergan Corporation are presented here.
Jergan Corporation
Balance Sheets December 31 |
|||||||||
---|---|---|---|---|---|---|---|---|---|
2020
|
2019
|
2018
|
|||||||
Cash
|
$ 30,800 | $ 17,600 | $ 18,700 | ||||||
Accounts receivable (net)
|
50,500 | 44,200 | 47,100 | ||||||
Other current assets
|
89,600 | 94,900 | 63,900 | ||||||
Investments
|
55,300 | 71,000 | 45,100 | ||||||
Plant and equipment (net)
|
500,500 | 370,000 | 358,500 | ||||||
$726,700 | $597,700 | $533,300 | |||||||
Current liabilities
|
$85,500 | $79,800 | $69,400 | ||||||
Long-term debt
|
144,300 | 84,100 | 50,300 | ||||||
Common stock, $10 par
|
348,000 | 316,000 | 304,000 | ||||||
|
148,900 | 117,800 | 109,600 | ||||||
$726,700 | $597,700 | $533,300 |
Jergan Corporation
Income Statement For the Years Ended December 31 |
||||||
---|---|---|---|---|---|---|
2020
|
2019
|
|||||
Sales revenue
|
$738,000 | $605,500 | ||||
Less: Sales returns and allowances
|
39,100 | 29,900 | ||||
Net sales
|
698,900 | 575,600 | ||||
Cost of goods sold
|
425,600 | 367,000 | ||||
Gross profit
|
273,300 | 208,600 | ||||
Operating expenses (including income taxes)
|
182,443 | 151,040 | ||||
Net income
|
$ 90,857 | $ 57,560 |
Additional information:
1. | The market price of Jergan’s common stock was $7.00, $7.50, and $8.50 for 2018, 2019, and 2020, respectively. | |
2. | You must compute dividends paid. All dividends were paid in cash. |
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