MARVEL CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets

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MARVEL CORPORATION
2020 and 2021 Balance Sheets
Assets
2020
2021
Liabilities and Owners’
Equity
2020
2021
Current assets
Current liabilities
Cash
$ 32,653
$ 39,350
Accounts payable
$ 34,886
$ 44,285
Accounts receivable
16,911
28,877
Notes payable
18,058
16,848
Inventory
34,495
44,336
Other
18,871
25,619
Total
$ 84,059
$ 112,563
Total
$ 71,815
$ 86,752
Long-term debt
$ 110,000
$ 140,000
Owners’ equity
Common stock and paid-in
surplus
$ 55,000
$ 55,000
Fixed assets
Accumulated retained
earnings
288,343
333,683
Net plant and equipment
$ 441,099
$ 502,872
Total
$ 343,343
$ 388,683
Total assets
$ 525,158
$ 615,435
Total liabilities and owners’
equity
$ 525,158
$ 615,435
MARVEL CORPORATION
2021 Income Statement
Sales
$ 531,750
Cost of goods sold
377,294
Depreciation
46,686
Earnings before interest and
taxes
$ 107,770
Interest paid
20,650
Taxable income
$ 87,120
Taxes (25%)
21,780
Net income
$ 65,340
Dividends
$ 20,000
Retained earnings
45,340
(7 marks)