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Selected data from the financial statements of italian

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Selected data from the financial statements of Italian Marble Co. and Brazil Stone Products for the year just ended follow. Assume that for both companies dividends declared were equal in amount to net earnings during the year and therefore stockholders' equity did not change. The two companies are in the same line of business.                  


 Italian
Marble Co.		 Brazil Stone Products
Total liabilities $ 200,000
$ 100,000
Total assets
800,000

400,000
Sales (all on credit)
1,960,000

1,150,000
Average inventory
240,000

140,000
Average receivables
200,000

100,000
Gross profit as a percentage of sales
40 %
30 %
Operating expenses as a percentage of sales
36 %
25 %
Net income as a percentage of sales
3 %
5 %
a.

Compute the net income for each company.

Reference no: EM13585983

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