Option #1: Profitability Analysis Exercises and Problems
Do the assigned problems using Summer Peebles, Inc.’s condensed 2014 financial data below:
Liabilities and Equity
Noncurrent Liabilities (8% Bonds)
Common Stockholders’ Equity
Total Liabilities and Equity
Net income for 2014 is $157,500.
Income tax rate is 50%.
Amounts for total assets and shareholders’ equity are the same for 2013 and 2014.
All assets and current liabilities are considered to be operating.