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Financial data of Fancy Footwork Company for 2013 and 2012 are presented below
FANCY FOOTWORK COMPANYINCOME STATEMENTFor the year ended Dec 31, 2013Sales.................... 750000Cost of Goods Sold.............. 530000Gross Margin .............. 220000Selling and administrative expenses.....106000Income from Operations..........114000Other revenues and gainsGain on sale of investments........7000Income before tax.............121000Income tax expense ...........48400Net Income...............72600
Additional information:
During the year, $9000 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $32500.
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