The annual sales for Salco, Inc. were $ 4.55 million last year.
The firm's end-of-year balance sheet was as follows: Current
assets $499,000 Liabilities $1,001,500 Net fixed assets 1504000
Owners' equity 1001500 Total Assets $2,003,000 Total $2,003,000
LOADING.... Salco's income statement for the year was as
follows: Sales $4,550,000 Less: Cost of goods sold (3,506,000)
Gross profit $1,044,000 Less: Operating expenses (495,000) Net
operating income $549,000 Less: Interest expense (101,000) Earnings
before taxes $448,000 Less: Taxes (35%) (156,800) Net...