The balance sheet for Fitela Industries Ltd at the end
The balance sheet for Fitela Industries Ltd. at the end of the current fiscal year indicated the following:
Bonds payable, 10% (issued in 2002, due in 2022) ……………………….$4,000,000
$5 preferred shares, 10,000 shares issued and outstanding ………………. 1,000,000
Common shares, 200,000 shares issued and outstanding ………………. 2,000,000
Income before income taxes was $1,000,000, and income taxes were $150,000 for the current year. Cash dividends paid on common shares during the current year totalled $200,000. The common shares were selling for $40 per share at the end of the year.
Income before income taxes was $1,000,000, and income taxes were $150,000 for the current year. Cash dividends paid on common shares during the current year totalled $200,000. The common shares were selling for $40 per share at the end of the year.
The balance sheet for Fitela Industries Ltd at the end
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