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The most recent financial statements for Fleury Inc., follow. Interest

Question : The most recent financial statements for Fleury Inc., follow. Interest : 5752

The most recent financial statements for Fleury Inc., follow. Interest expense wi remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets and accounts payable increase spontaneously with sales. FLEURY INC 2014 Income Statement $762,000 Sales 597,000 Costs 18,000 Other expenses 147,000 Earnings before interest and taxes 12,000 Interest paid 135,000 Taxable income 54,000 Taxes (40%) Net income 81,000 $32,400 Dividends 48,600 Addition to retained earnings FLEURY, INC. Balance Sheet as of December 31, 2011 Liabilities and Owners' Equity Current liabilities Current assets 22,140 Accounts payable 56,300 Cash 15,500 Accounts receivable 34,460 Notes payable Inventory 71,800 71,420 Tota 128,020 Long-term debt 121,000 Tota Owners' equity Fixed assets Common stock and paid-in surplus 131,000 34,220 Net plant and equipment $230,000 Retained earnings Total 165,220 Total assets $358,020 Total liabilities and owners' equity 358,020

 

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