Question 50 1. Given below are comparative balance sheets and an income statemen
ID: 2444528 • Letter: Q
Question
Question 50
1. Given below are comparative balance sheets and an income statement for Namekagon Corporation.
Namekagon Corporation balance Sheets - 2011
Namekagon Corporation Income Statement - 2011
Dec. 31
1-Jan
For the year ended 2011
Cash
$15,600
$15,600
Sales
$228,800
Accounts receivable
46,800
37,700
Cost of Goods Sold
-137,540
Inventory
32,500
36,400
Gross profit on sales
$91,260
Equipment (net)
57,200
66,300
Operating expenses
-75,868
$152,100
$156,000
Operating Income
$15,392
Accounts Payable
26,000
28,600
Interest Expense and income taxes
-9,100
Dividends payabl
7,800
3,900
Net income
6,292
Long Term note payable
14,300
14,300
Capital Stock $5 par
72,800
72,800
Retained Earnings
31,200
36,400
$152,100
$156,000
2.
Namekagon Corporation's book value per share for 2011 is:
A.
$7.32
B.
$10.58
C.
$21.16
D.
$3.14
Namekagon Corporation balance Sheets - 2011
Namekagon Corporation Income Statement - 2011
Dec. 31
1-Jan
For the year ended 2011
Cash
$15,600
$15,600
Sales
$228,800
Accounts receivable
46,800
37,700
Cost of Goods Sold
-137,540
Inventory
32,500
36,400
Gross profit on sales
$91,260
Equipment (net)
57,200
66,300
Operating expenses
-75,868
$152,100
$156,000
Operating Income
$15,392
Accounts Payable
26,000
28,600
Interest Expense and income taxes
-9,100
Dividends payabl
7,800
3,900
Net income
6,292
Long Term note payable
14,300
14,300
Capital Stock $5 par
72,800
72,800
Retained Earnings
31,200
36,400
$152,100
$156,000
Explanation / Answer
A.
$7.32
A.
$7.32
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