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paid dividends of $45,000. What was Lankston‘s net income for the ye
ar?
· Question 23
The multiplestep income statement is considered more useful than the singlestep income statement because it highlights the components of net inco
me.
· Question 24
Use the following data to calculate the current ratio.
Carne Auto Supplies
Balance Sheet
December 31, 2014
Cash
$
$ 65,000
Accounts receivable
yable
10,000
Inventory
90,000
Prepaid insurance
$165,000
Stock investments
Land
Buildings
35,000
50,000
70,000
40,000
Salaries and wages pa
Mortgage payable
Total liabilities
80,000
95,000
$100,000
$120,000
Less: Accumulated
250,000
depreciation
(30,000)
quity
$370,000
Trademarks
d
Accounts payable
Common stock
Retained earnings
85,000
Total stockholders‘ e
70,000
Total liabilities an